Soundcloud has since a while now. The recent developments are only suggesting worse for the streaming service industry’s fading star. On the back closing operations at their SanFrancisco and London fices, SC held a meeting all the employees. The video broadcast was hosted by the founders Alex Ljung and Eric Wahlforss from the HQ in Berlin.
According to a report and their sources, the elephant in the room was not addressed. Founders Alex and Eric admitted that the company has enough funds to last until Q4 which is in complete contrast to what they had said . Hauntingly enough, Q4 begins in 50 days and so does the countdown for them. However, Soundcloud later told Techcrunch that they will be entering Q4 with sufficient funding.
The also addresses the mismanagement at Soundcloud and how it laid f employees who were just hired. One such employee named Vojta Stavik moved to start work at its Berlin fice, but was laid f just 10 days before his start date. There are numerous such examples if we go by the report. Sources confessed that the company were hiring employees for soon to be relinquished positions that provided for last week’s cost cutting.
The rising fear among the staff at Soundcloud is contributing majorly towards the decline the firm. Sources say that SC has been cost cutting due to a condition in a debt funding agreement.
Sadly, the question about Soundcloud’s existence has changed to an IF? from a WHEN?
The report also claims that the number listeners boasted by the company (175 million) is also going down rapidly as we speak and has become much lesser than claimed.
Are we witnessing the end an era with Soundcloud’s demise or will there be an early Christmas miracle? Come Q4, all our questions might be answered. Having said that, Soundcloud indeed looks like its going South.