SoundCloud cuts staff and closes London office

SoundCloud cuts staff and closes London office

SoundCloud cuts staff and closes London office

He wrote: "We need to ensure our path to long-term, independent success".

Some of those affected took to Twitter to react - and to advertise their services.

SoundCloud's content partnerships director Raoul Chatterjee was asked about the number of people that had left the company when speaking to Music Week last month.

In addition to its free downloads, SoundCloud also offers a $9.99 subscription service that competes with Spotify and Apple Music.

"Eric [Wahlforss] and I founded SoundCloud almost 10 years ago as we saw a need for something that would enable artists to share and connect through music", Ljung wrote.

It's been a hard year for SoundCloud, with the company announcing in January it may run out of money before the end of the year, before securing a $70 million line of credit from investors to keep operations running.

"With more focus and a need to think about the long term, comes tough decisions".

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Rival music services, including Apple Music, are among those again looking to acquire SoundCloud, according a report in the New York Post earlier this month.

In a company blog, CEO Ljung confirmed he has told 173 staff that after "careful and painful consideration" their contract will be terminated.

Two SoundCloud employees said the announcement came as a shock, adding that they hadn't anticipated anything like this happening in the near future.

SoundCloud has raised over $190 million (£154 million) in funding.

Music Streaming App, SoundCloud is very popular among users and is considered to be the favorite tool of artist.

However, the future of SoundCloud has been a debate for quite some time due to the struggles of the company to find a source of revenue that is reliable. The company's revenues in 2015 were €21. million (£19 million).

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