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173 of the 420 people on staff have been let go, and the music streaming platform's London and Francisco offices are scheduled to close.

SoundCloud cofounder and CEO Alex Ljung, who is due to appear on stage at the Tech Open Air conference in Berlin next week, broke the news to employees via a video call on Thursday afternoon, a SoundCloud employee told Business Insider, adding that he'd "been better". However, we need to ensure our path to long-term, independent success.

SoundCloud has been widely adopted by upcoming and established artists alike, and utilized by music lovers of all genres, especially electronic dance music and hip hop - it'd be a shame for it to end without a fair fight.

For a company that was valued at $700 million in 2014, SoundCloud's go-it-alone stance struck some observers as a head-scratcher.

Ljung said revenues had doubled over the last 12 months, but didn't specify any numbers.

"With more focus and a need to think about the long term, comes tough decisions", Ljung wrote.

SoundCloud was not immediately available for comment.

Rival music services, including Apple Music, are among those again looking to acquire SoundCloud, according a report in the New York Post earlier this month. It has approximately 175 million listeners and a vast archive of music. However, the company soon came under pressure for royalty payments from record labels and publishers and in recent years has made an effort to become a paid service, albeit with very limited success.

FT cited accounts filed in the United Kingdom in January which showed the firm had incurred a 51 million euro loss in 2015 - having risen a third from the previous year.

Previous year the company warned that it may run out of cash.

SoundCloud previously raised $100m in June 2016 in a round that included Twitter Ventures.