It's a rough day in the music streaming world as SoundCloud just said it's laying off 173 employees and shuttering its offices in San Francisco and London. The decade-old user-uploaded audio service will continue to operate in New York and Berlin.
The staff reduction works out to be 40% of SoundCloud's workforce and stands as the most painful sign yet that the money-losing (but still popular) music service is in real trouble. The company has been seeking a buyer for some time, with French streaming service Deezer reportedly expressing interest. Previous acquisition talks with Spotify and Twitter reportedly fell through. Last year, I wrote about why Spotify buying SoundCloud made sense. JPT