Chance The Rapper isn’t about to let Soundcloud go down in flames. According to a recently released report from TechCrunch, the streaming service only has enough funds left to operate for the next fifty days.
Even though they launched an on-demand subscription service last year to rival that of Apple Music and Spotify, the music platform that is loved by independent artists and DJ’s is finding it difficult to make money in an incredibly competitive market.
The co-founders Alex Ljung and Eric Wahlforss have assured artists and their listeners that the company isn’t going down the tubes and they have control of their “independent future.”
However, there was a significant layoff of 173 employees last week, and the company closed their offices in London and San Francisco.
It looks like their situation might be a little worse than what they stated!
The news of the impending demise of the service has triggered fans and artists to express solidarity for their beloved website, with Chance The Rapper coming out and showing support.
I'm working on the SoundCloud thing
— Lil Chano From 79th (@chancetherapper) July 13, 2017
The “No Problem” rapper said he was working on making something happen in favor of the struggling company, but details are unknown at this point.
The 24-year-old Grammy-winning rapper got his start on the streaming platform.
He shared his debut album for free on the website, and he even name-dropped Soundcloud during his acceptance speech in February, saying, “shout out to Soundcloud for holding me down.”
Today, July 14th, the Chicago native went on his Twitter platform to say that Soundcloud is “here to stay,” but at this point, the future is still uncertain considering their massive layoff. Perhaps, the company will just reduce in size and no longer be a juggernaut as it was before.