SoundCloud lays off 8 percent of staff as it aims to reach profitability this year

Music streaming platform SoundCloud has laid off 8 percent of its staff according to multiple reports. The fresh round of job cuts comes after the company laid off 20 percent of its employees last August.

In a memo sent to staff — seen by Variety — CEO Eliah Seton said that SoundCloud is reducing headcount to get to a profitable position this year. “This is a challenging but essential decision to ensure the health of our business and get SoundCloud to profitability this year. In doing so, we are securing the company’s future for the millions of artists who rely on us for their living and their self-expression, and the millions of fans who come to SoundCloud for the joy of music,” the CEO said in the memo.