Last week it closed its San Fran and London offices, laying off 40 percent of staff in total.
He added that cutting costs and continuing SoundCloud's revenue growth will help the service reach profitability as an independent entity.
When SoundCloud was approached for comment by FACT, a representative for the company insisted it was "fully funded into Q4", but that it was also in talks with potential investors.
Whether it be the blog world or your personal Facebook feed, the news of Soundcloud's collapse in the next 50 days has spread far and wide. Stavik is now considering legal action against SoundCloud because his signed contract included four weeks notice of dismissal, according to TechCrunch.More news: Close Call! 150 Grams Of PETN Explosive Found In UP Assembly
With Soundcloud then annoucing via Twitter that, "your music isn't going anywhere". 100 days instead of 50?
"Along with each of you, we've built this incredible creative community of artists, podcasters, DJs, producers and more who are the driving force in pushing culture forward in the world", the statement continued. The takeaway from this though is that without a doubt, the streaming service that has been a home for pretty much every single one of us with an interest in music is in trouble.
"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, '" writer Josh Constine responded". After donating millions of dollars to Chicago Public Schools, it's clear that the independent artists digs being a hero.
Whether SoundCloud will make it to the end of summer, let alone the end of the year, has become something of an open question in recent days.