SoundCloud: should it stay or should it go?

Berlin-based music streaming service SoundCloud suddenly sacked 40 percent of its staff last week without warning, causing an eruption of allegations that the company was shutting down. However, the chief executive has responded to the commotion, stating that the service is “here to stay”.
It was reported that SoundCloud only had enough money to last until the beginning of the fourth fiscal quarter of the year – but a recent blog post by CEO Alex Ljung has counteracted the allegations. In the post, he reassures users that the “music [they] love on SoundCloud isn’t going away, the music you shared or uploaded isn’t going away, because SoundCloud is not going away.”

Twitter was reeling with excited SoundCloud fans after Chance the Rapper – whose career started on the streaming service – allegedly approached the company with a potential offer of financial support.

The musician tweeted, “Just had a very fruitful call with Alex Ljung. @SoundCloud is here to stay.” It’s uncertain that Chance has any financial involvement with the company’s resurrection, but it has surely sparked speculation.

Following his Twitter statement, Chance released a new track on Friday entitled Big B’s alongside Young Thug. The track was exclusively released on SoundCloud, exhibiting his certainty that the platform will not be falling down the hole of financial burden.

Whether the platform is due to stick around is still up for speculation, but Chance’s support is certainly salvaging its public image.

 

words by Sophie Barnden

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