Soundcloud shuts London office

SoundCloud is shutting its London office amid a 40% cull in jobs as it streamlines the business globally.

The German music streaming company, which warned it could run out of money this year after posting a €51m (£45m) loss in 2015, will consolidate its headquarters in Berlin and its New York office, while London and San Francisco will close. 

Soundcloud has told staff that 173 jobs out of 420 would be lost in total. 

The free service launched a subscription option last year but has struggled to compete against bigger rivals Spotify and Apple, despite growing revenue by 22% last year.

The company, which has about 175 million listeners, attracted a £50m investment from Twitter last year after the social media company walked away from an acquisition deal in 2014. 


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