SoundHound, one of the most popular song search platforms of a time, is slowly losing its influence. The company, which also makes investments in artificial intelligence, is experiencing a major financial crisis.
The SoundHoud platform, which is shown as a Shazam competitor and aims to come to the fore with its artificial intelligence assistant technologies, has not been able to manage the crisis well in recent times. The company cuts its workforce for the second time.
SoundHound Isn’t Getting Well
SoundHound, which has been in operation for about 13 years, could not compete with Shazam, but from time to time it stood out by finding songs that you could not find there. Recently, it has aimed to rival giants such as Google and Apple by investing in artificial intelligence assistants.
SoundHound, which reached a value of 300 million dollars, could not evaluate the process after its opening to the stock market. Despite important collaborations such as Mercedes and Pandora, about 50 people were laid off from the team of 450 people last November.
The cost of the global economic crisis to the company is increasing day by day. It was stated that as of January, the process of laying off 200 people started. Thus, more than half of last year’s staff was laid off. The firm stated that investor interest decreased during the crisis, but they are still trying to find new investors.