Soundcloud maybe going down the toilet

[Ste]

tl;dr If you've got music on soundcloud, you'd be wise to make sure you've got it backed up since they've apparently only got enough money to survive until the fourth quarter of this year.

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

Exiting team members wanted to know why they weren’t warned, while those who survived the cuts wanted assurance that the cost reductions would keep the company afloat for the long-run.

But as security ominously filed into SoundCloud’s meeting rooms at its offices around the world during the all-hands video conference broadcast from its Berlin headquarters, the startup’s staff discovered they wouldn’t be getting the answers they wanted. Instead, sources at SoundCloud tell TechCrunch that founders Alex Ljung and Eric Wahlforss confessed the layoffs only saved the company enough money to have runway “until Q4” — which begins in just 80 days. [Correction: 80 days, not 50 days]"

https://techcrunch.com/2017/07/12/soundshroud/

Then there was this:

“There are a number of inaccuracies within the TechCrunch article. They seem to stem from a misinterpretation of information by one or two laid off employees during a recent all hands meeting. Due to the extensive number of inaccuracies, we will only comment regarding funding and layoffs. To clarify, SoundCloud is fully funded into the fourth quarter. We continue to be confident the changes made last week put us on our path to profitability and ensure SoundCloud’s long-term viability. In terms of layoffs, it is our policy not to discuss individual employee cases, but we can share we continue to work with all employees who were let go to support them during this transition, with employment and financial assistance.”

Two hours after this article was published, TechCrunch’s Josh Constine, who wrote the article, sent Variety the following response, which reads in full:

“SoundCloud has clumsily attempted to refute our TechCrunch article on its financial and morale problems by issuing a statement to Variety saying our post contains ‘extensive inaccuracies,’ yet its supposed ‘corrections’ simply repeat what we did publish, and refute something we didn’t publish. SoundCloud writes ‘SoundCloud is fully funded into the fourth quarter,’ which is the same quote we already included from its PR. SoundCloud writes ‘we continue to work with all employees who were let go to support them during this transition, with employment and financial assistance,’ but we never said it wouldn’t support these employees, merely that it uprooted people’s lives by hiring them and then laying them off weeks later. TechCrunch stands by its reporting.”

https://variety.com/2017/music/news/soundcloud-responds-to-techcrunch-article-claiming-it-is-almost-out-of-money-1202494837/

[Rogerborg]

https://i.imgur.com/N1gd6A2.png

I mean, until the accountants come for Imgur.

Then YouTube.
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[fatjames]

There are a few mixes that I listen to on Soundcloud. Will be downloading them tonight.
Thanks for the heads up.