Chance the Rapper Wants to Save SoundCloud
First Chicago's public schools, then every South Florida rapper's favorite streaming service
Chance the Rapper’s Acid Rap mixtape was his springboard from local Chicago artist to international star, and the collection was released on music streaming site, SoundCloud. Since then the three-time Grammy winner has continuously championed the platform and still uses it to release music, despite the success he’s enjoyed on more subscription-focused mediums. When reports began surfacing today that SoundCloud’s capital had dwindled so low that the platform might not have the funds to keep functioning past mid-September, Chance announced he was stepping in.
I’m working on the SoundCloud thing
— Lil Chano From 79th (@chancetherapper) July 13, 2017
Of course “working on” is a pretty vague statement. That said, earlier this year Chance donated $1 million to the Chicago Public School system. But to bail out SoundCloud, he’ll need a much bigger novelty check.
As far as the precarious financial state of SoundCloud, the company announced a massive round of layoffs late last week. Of the estimated 420 employees at the company, over 170 of them were laid off and two of its offices were permanently closed. In a statement, the company claimed that despite sturdy revenue generation and growth, the company had to streamline its operations in order to guarantee continued success. Many questioned how a site with nearly 200 million monthly listeners—some of whom are paying subscribers—could be facing such dire financial stress. Today’s reports, which indicated that in 50 days SoundCloud’s money would completely dry up, suggest that ensuring continued success wasn’t the real reason behind last week’s drastic actions.