Soundcloud hasn't gone silent, but there's definitely a death rattle being heard through the German-born streaming company's headquarters as they've axed 40% of their workforce. SoundCloud is closing its San Francisco hub and a spokesperson said the company is talking with staff in London about the future of that office. "Without them, we would not be where we are today", wrote SoundCloud CEO Alex Ljung.
In the competitive world of music streaming, we've spent the last several years growing our business, and more than doubled our revenue in the last 12 months alone.
Ljung also said, "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of SoundCloud's independent future". However, we need to ensure our path to long-term, independent success.
United Bankshares, Inc. (NASDAQ:UBSI) Reviewed By Analysts
On average, equities research analysts anticipate that United Bankshares, Inc . will post $2.07 EPS for the current fiscal year. Following the completion of the sale, the director now owns 12,738 shares in the company, valued at approximately $510,029.52.
So what does this mean for SoundCloud?
SoundCloud has about 175 million listeners who are drawn to its expansive library of songs, dance mixes, podcasts and other user-generated content uploaded by artists ranging from established stars to bedroom DJs. The SoundCloud platform listeners and artists love will remain available in more than 190 countries globally. However, it incurred a 51 million Euro loss in 2015 on revenue of 21.1 million Euros. The company's paid subscription service in the vein of Spotify and Apple Music, SoundCloud Go (rebranded as SoundCloud Go+), has failed to make much noise in an already crowded market.