SoundCloud Only Has Enough Funding For The Next 50 Days
SoundCloud Only Has Enough Funding For The Next 50 Days
SoundCloud's desperate layoff maneuver only bought itself enough time until Q4
14 July, 2017, 07:36
The layoffs they're referring to was the recent exodus of 40% of the company's overall staff.
While SoundCloud isn't dead yet, and maybe the 50 day prognosis was premature, it's clear there is major trouble ahead for the music streaming platform.
On Monday, co-founders Alex Ljung and Eric Wahlforss claimed the company only had enough cash to last "until Q4", which is in 50 days.
SoundCloud fired back, claiming there were "extensive inaccuracies" in the report, and that it's "fully funded through Q4". "By reducing our costs and continuing our revenue growth, we're on our path to profitability and in control of Soundcloud's independent future", Ljung said.
SoundCloud has since released a statement citing an "extensive number of inaccuracies" in the figures from TechCrunch's sources for the report.
The news has reignited speculation that SoundCloud will be acquired by a rival. But for the last few years, Soundcloud has become a game, a game that can be cheated and manipulated by those who are heavily invested in making their artists stars.
"The biggest problem I see is that the financial problems will absorb much of management's time in trying to raise more money, meaning that the real problems of the business go unaddressed", independent technology analyst Richard Windsor wrote in a note. Sure, Youtube and the like, will still be there to provide a vessel for publications to post music - but lets be honest, Youtube isn't exactly the ideal replacement for what Soundcloud offers. SoundCloud PR also confirmed the same timeline, but also mentioned the company is looking into investors.
Failed acquisition attempts by Twitter and Spotify have left SoundCloud out in the cold while trying to lock down $100 million in funding.
This conflicts with Ljung's statement, which described SoundCloud's future in more positive language.
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