Music streaming service Soundcloud has shut down two offices due to financial concerns.
The very popular streaming Soundcloud seems to be going downhill as they have closed two of their offices in London and San Francisco. The two offices were shut down immediately which means a total of 40% of the workforce behind SoundCloud have been let go.
Soundcloud as a service was founded in 2007 and is currently based in Berlin, Germany. The website has an Alexa rank of 109 which makes it one of the most popular music websites on the internet. Over the years Soundcloud has received a lot of investment from different sources but as competition grew they struggled to monetise. SoundCloud has attempted to boost its cash flow by making a subscription service last April however, it does not seem to have worked as competitors like Spotify, Tidal and Deezer seemed to of overshadowed the German based streaming service with either offering a cheaper alternative or using exclusive releases like Jay-Z’s album ‘404’ to raise the number of users.