Soundcloud has surfaced in a myriad of headlines this year, the streaming service seemingly ever embroiled in a struggle to stay afloat. Days ago, hysteria ensued when reports concerning the platform’s financial stability indicated that the service would only be able to support fifty more days on its dwindling funds. Many Soundcloud users took to various social media outlets to lament the perceived loss of their music treasure troves, collections built after countless hours of consistent roving since Soundcloud was established as a major music hub.
That Soundcloud was flirting with financial trouble was arguably to be expected in light of the company’s shutting down of several regional offices in London and the USA. The termination of the offices would affect a large portion of Soundcloud employees, with 40% of staff members being laid off in the downsizing process.
When the severity of Soundcloud’s situation was revealed earlier in the week, many wondered what would become of the streaming service; one acted on it. Chicago native, Chance the Rapper, appears to have played a major role in Soundcloud’s salvation. The rapper remarked on Twitter that he was “working on” the Soundcloud situation days ago, following up his previous Twitter comment with another yesterday: “Just had a very fruitful call with Alex Ljung [Soundcloud’s co-founder and CEO]. @Soundcloud is here to stay.” Soundcloud echoed its security in another tweet that appears below.
While the extent of Chance’s involvement with Soundcloud’s resuscitation remains unclear, that Chance would come to the streaming service’s rescue is to be expected; despite his acclaim, the rapper has yet to release a physical copy of any of the albums that he has produced to date, relying exclusively on streaming services to circulate his music. As such, Soundcloud served as a springboard for the independent artist, as well as for many other independent artists working across genres. We will continue to update this story as more details emerge.