It Is A New Normal

SoundCloud Chief Michael Weissman announces staffing cuts, downsizing 20% of its global workforce.  The streaming company told the staff in a memo that the change is in accordance with the current economic climate.

The reason, broadly, is two-fold: Rapidly changing economy & inflationary pressure 

Weissman wrote in the memo

Today’s change positions SoundCloud for the long run and puts us on a path to sustained profitability”

In the email to employees, SoundCloud highlighted its mission to lead what is next in music.

The impacted employees will be notified over the next few days according to Weissman’s message.

Back in 2017, SoundCloud slashed 40% of its workforce. The then CEO said that the act was necessary to control the company’s independent future.

Last month, Tesla laid off more than 200 employees, Coinbase let go of its 1,100 workers earlier this year, and Google slowed its hiring process.

Twitter and Meta have also recently announced a hiring freeze and Apple might take this step next year. Similarly, Microsoft Corp. told workers in May that it is cutting down on the hiring process in the Windows, Office, and Teams group due to the economic rifts.

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