SoundCloud has been around for years and has many artists made a name using their platform. It has become the go to place to discover new music from upcoming artists. This year has been frightening for SoundCloud but according to them they are not going are not going anywhere for a long time.
Recently Soundcloud had to lay off 173 employees to and condensed down to two offices in New York and Berlin.
“In the competitive world of music streaming, we’ve spent the last several years growing our business, and more than double our revenue in the last 12 months alone,” CEO of SoundCloud Alex Ljung said. “However, we need to ensure our path to long-term, independent success.”
Prior to the bankruptcy scare, businesses such as Twitter and Spotify had inquired about purchasing is but SoundCloud decided not to take that route for help.
The streaming service did a few things to generate revenue such as offering SoundCloud Go, SoundCloud’s version of a premium streaming subscription, for three months just for $1.
Chance the Rapper most notably came out to say he was going to help the struggling service.
I’m working on the SoundCloud thing
— Lil Chano From 79th (@chancetherapper) July 13, 2017
After a phone call with the company, Chance confirmed that they are here to stay.
Just had a very fruitful call with Alex Ljung. @SoundCloud is here to stay.
— Lil Chano From 79th (@chancetherapper) July 14, 2017
A statement from the SoundCloud CEO was released confirming this very information.
“There’s an insane amount of noise about SoundCloud in the world right now, and it’s just that, noise,” said Ljung. “The music you love on SoundCloud isn’t going away, the music you shared or uploaded isn’t going away because SoundCloud is not going away.”
In celebration of the revived music streaming service Chance the Rapper and Young Thug released a song exclusively on SoundCloud called “Big B’s”. You can join the celebration and listen to it here.