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Cutting dating expenses

Employees were confused how the company was “blowing through money, but now is saying they don’t have any money. It’s a fun company to work at, but there was no indication.”A core question from staff during the all-hands was why there wasn’t transparency into the finances or a strict hiring freeze.

One source said Ljung explained that Sound Cloud is not a giant streaming company and didn’t want to directly compete with the $9.99 plans like Spotify.

Our other source said “the plan is to concentrate on the content where they don’t have to pay our part of the money to the labels.” Like other streaming services, Sound Cloud has to pay a huge percentage of revenue it earns off Go premium songs to the record labels. Its margin is much better on the user-generated music uploaded to its service.

Meanwhile, its free tier works fine for most occasional listeners, so beyond synced downloads and skipping a few ads, there’s not much reason to upgrade to $4.99 per month. Our sources say there were deep cuts to the revenue/monetization and creator relations teams.

Beyond closing the San Francisco and London offices, there were significant layoffs in the New York office.

Those services have continued to rapidly grow thanks to sleek and frequent redesigns while Sound Cloud’s clunky interface falters.

“Even at Sound Cloud, people secretly listen to Spotify because it’s easier,” one employee said.

Yet some analysts believe it to have sunk to as low as 70 million.

The company hasn’t given employees any updates on the stats, either, with one telling Tech Crunch “I think no one within Sound Cloud believes the user number.

After being presented with the leaked information from the all-hands, Sound Cloud PR admitted that, “We are fully funded into Q4,” though it says it’s in talks with potential investors.

But further funding would require faith in Sound Cloud that its own staff lacks.

A tense scene unfolded yesterday as user-generated, music-streaming service Sound Cloud held an all-hands meeting to explain to employees why it suddenly had to lay off 40 percent of its staff last week.