SoundCloud Cuts 40% of Staff in Push for Profitability
- Music service will close offices in San Francisco, London
- SoundClound has struggled to compete against Spotify, Apple
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SoundCloud Ltd. is cutting about 40 percent of its staff in a cost-cutting move the digital music service says will give it a better financial footing to compete against larger rivals Spotify Ltd. and Apple Inc.
SoundCloud, which in January said it was at risk of running out of money, informed staff on Thursday that 173 jobs would be eliminated. It had 420 employees. The company’s operations will be consolidated at its headquarters in Berlin and another office in New York. Offices in San Francisco and London will be shut.