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Posted under: News Music

SoundCloud Has Been Saved, With The Friendly Assistance Of Chance The Rapper

Exactly what the Chicago rapper did is unclear, but after saying he was "working on" a save, Chance now says the service is "here to stay."

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Chance the Rapper better watch out. He’s getting something of a reputation.

A good one — for being a hero.

He became a major donor earlier this year, putting time and money into arts programs for Chicago’s youth and its public schools.

He went down to his state’s capital to advocate on behalf of Chicago’s public school students during Illinois’ three-year-long budget crisis.

We could go on.

But we’d like to focus on his latest act of heroism.

Apparently, Chance has somehow gone and saved SoundCloud.

A recent TechCrunch article dug into the streaming platforms cashflow problems.

As of earlier this week, SoundCloud had just enough money to keep it waveforms turning orange until Q4 2017 — which is about 80 days away.

The company had to fire quite a few people last week to have the money to keep going even that long; roughly 40 percent of its staff was laid off.

Employees were reportedly very angry that they hadn’t been told before last week that the company was in trouble, and that, until very recently, SoundCloud was reportedly spending money left and right like any other tech company.

One employee told TechCrunch that “people would have made sacrifices to be honest,” and foregone the catered lunches and perks they had gotten used to if it meant that they wouldn’t lose their jobs. 

Exactly what is at the root of the streaming company’s troubles in unclear; TechCrunch however did point to the success and consolidation of streaming giants like Tidal and Apple Music being detrimental to SoundCloud's health.

There’s something that SoundCloud has that those services do not, however, and that is a huge community of amateur and independent artists who share their work via the platform.

Some of those artists go on to find great commercial success.

Chance is perhaps the poster boy for this route — he got his start uploading his music to the service, and now, years later he is a critically lauded, financially successful, Grammy-winning artist.

Fans of SoundCloud fear that with it gone, there will be no platform for young, independent, amateur artists to share their work.

When Chance sent out this request:

He received over 3,000 replies.

And Chance apparently has the same worry that the loss of the platform would be a loss for musicians and music fans. He tweeted the following earlier this week:

And now he’s tweeted this:

Just had a very fruitful call with Alex Ljung. @SoundCloud is here to stay.— Lil Chano From 79th (@chancetherapper) July 14, 2017

Situation, handled, apparently.

Details have yet to emerge just how Chance fixed the issue, whether he’s invested in the company or if he led a funding round or if something else entirely happened.

So was it Chance to the rescue again? Time will tell. But is sure looks that way.

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