These are rough times at SoundCloud. Although the millions of people use its service, the company has never made money and time is running out. CEO and co-founder Alexander Ljung frets that the company may run out of money by the end of the year.
Today, 40% of the workforce (173 people out of 420) were laid off as the company closes offices in San Francisco and London. Everyone left will work out of either New York or Berlin. This is what happens when revenue ($22 million from the last report) lags far behind losses ($52 million.)
This might be the set-up for a sale. Apple Music was rumoured to be kicking the tires, but Deezer is said to have the inside track.
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