Streaming company SoundCloud is cutting about 20 percent of its global workforce.

Billboard reported on August 3rd that SoundCloud CEO Michael Weissman told the staff in a company memo that the change is mostly due to the current economic climate. Employees affected would be notified over the next several days.

In a statement to Billboard, a SoundCloud representative confirmed the news, and said: “During this difficult time, we are focused on providing the support and resources to those transitioning while reinforcing our commitment to executing our mission to lead what’s next in music.”