Amidst a bevy of possible buyouts, SoundCloud’s financial system is heading towards implosion. The company has just announced that 173 staffers are being let go, with two major offices going dark.
The company boasts 175 million users across 190 countries. But despite the massive userbase, SoundCloud has struggled to create a profitable business model. And for more than a year, industry onlookers have been fearing a total financial meltdown.
Friday, July 7th, at 8 pm, I received a call from SoundCloud’s CTO, saying my position at SoundCloud had been canceled. I told him I already quit my job, let my apartment in Prague go, and was supposed to move to Berlin in just a few days! I also asked him about the possible compensation. The response was negative.
Sad news. I hope everything works out for all involved.