SoundCloud is laying off 20% of its 1700-person global workforce

SoundCloud has confirmed that it will be laying off approximately 20% of its global workforce, citing “a significant company transformation” and current economic conditions.

SoundCloud currently has about 1700 employees.

Earlier this year, SoundCloud acquired music AI startup Musiio and entered a joint venture with management and creative services company Solid Foundation.

“Making changes that affect people is incredibly hard,” Soundcloud CEO Michael Weissman wrote on LinkedIn. “But it is one that is necessary to ensure SoundCloud’s long-term success given the challenging economic climate and financial market headwinds.:

“For those impacted by this decision, I want to thank you personally for your passion and contributions to SoundCloud and the artist communities we serve,” he continued. “You have all made an incredible impact on the music industry and on artists’ lives.”

“SoundCloud has always been resilient,” he concluded, “and together, we will continue to embrace the challenge of leading what’s next in music.”

Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.