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08 July 2017, 12:37 | Frank Carlson
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Co-founder Alex Ljung claimed in the blog post that the company had "more than doubled our revenue in the last 12 months alone".
This action has been on the cards for months, with FastCompany reporting in January that SoundClound faced "the two-pronged challenge of turning its finances around and remaining competitive in an increasingly crowded marketplace".
"We need to ensure our path to long-term, independent success", Ljung wrote.
The startup, which was speculated to be worth more than Spotify by TechCrunch just past year, is also closing its San Fransico hub and is in talks with staff in London about the future of that office. While many are unfortunately left without jobs, this move can position Soundcloud for exponential growth in the coming years.
Eric [Wahlforss] and I founded SoundCloud almost 10 years ago as we saw a need for something that would enable artists to share and connect through music.
According to BI Intelligence, by December 2016, SoundCloud had 175 million free users, while Spotify had 60 million free users and 40 million paid subscribers.
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The Germany-based company is cutting 173 out of 420 of its staff. Its freebie userbase is bigger than that of its competitors, and the platform remains a go-to-destination for early-adopters and opinion formers looking for new music.
"With more focus and a need to think about the long term, comes tough decisions".
The rewards of music's digital-streaming renaissance are unevenly spread.
SoundCloud's future has been a matter of debate for some time as the company struggles to find a reliable revenue source. However, it incurred a 51 million Euro loss in 2015 on revenue of 21.1 million Euros.
SoundCloud has raised over $298 million including $70 million from Twitter, showed data gleaned from Crunchbase.
Music Streaming App, SoundCloud is very popular among users and is considered to be the favorite tool of artist.
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