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Facing a global recession, streaming music platform SoundCloud is laying off 20% of its global workforce.

Streaming giant SoundCloud is laying off around 20% of its global workforce. American media advertisement board SoundCloud CEO Michael Weissman told employees at his company on August 3 that the change is primarily due to the current economic climate, and that affected employees will be notified in the coming days.

” Today’s change solidifies SoundCloud’s position for the long term and puts us on a path to sustainable profitability The CEO wrote in his memo. ” We have already started making prudent financial decisions across the business, which will now reduce our team. »

By 2017, SoundCloud had already laid off 40% of its workforce, believing it was necessary. Independent and long-term success of the company. »

In March 2021, SoundCloud implemented a new payment system similar to its competitors Spotify and Apple Music.

In July, they entered into a licensing agreement with Warner Music Group to share the same royalty system.

Soundcloud is one of several US tech companies that have recently announced layoffs (Tesla, Substock, Coinbase, and Opensea, to name a few) or changes in hiring plans.

In June, Spotify, SoundCloud’s main competitor, said it would cut hiring by 25% and “assess” the growth of its workforce. Other companies like Google, Twitter, and Meta have also recently announced hiring slowdowns and layoffs, while Apple reportedly plans to slow hiring in 2023.

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Connecticut Will Use Federal Funds to Get People Back to Work

by Brent Addleman

 

Connecticut is focusing on a workforce investment designed to place state residents from underserved communities into high-demand jobs.

Gov. Ned Lamont announced Thursday the state was awarded $23.9 million through the American Rescue Plan’s Good Jobs Challenge through the U.S. Department of Commerce. The funds will be invested into the Office of Workforce Strategy programs designed to place more than 2,000 residents into the workforce.

According to the release, the funding will be distributed to 10 regional sector partnerships to aid people from those underserved communities attain employment in high-demand jobs in manufacturing, health care, information technology, and bioscience.

Lamont and U.S. Sen. Richard Blumenthal, D-CT, were each quoted in the release, praising assistance for training and access to the respective job industries.

The sector partnerships, according to the release, are comprised of officials in education and workforce and economic development that work in collaboration to advance industry competitiveness. The collaborative group will work to provide resources necessary to prepare high school students for the workforce, expand short-term training program, and include certificates from Google and AWS training from community colleges, and provide pathways to entry-level health care jobs.

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Brent Addleman is an Associate Editor and a veteran journalist with more than 25 years of experience. He has served as editor of newspapers in Pennsylvania and Texas, and has also worked at newspapers in Delaware, Maryland, New York, and Kentucky.
Photo “Ned Lamont” by Office of Governor Ned Lamont. Background Photo “Connecticut State Capitol” by EGryk. CC BY-SA 4.0.

 

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