Struggling music streaming service SoundCloud has rubbished claims that the company could be shutting up shop, amid reports that it only has enough money to last until the fourth quarter of this year.
“There’s an insane amount of noise about SoundCloud in the world right now. And it’s just that, noise,” said Alex Ljung, the company’s co-founder and CEO, in a blog post – days after letting go of 40 per cent of its workforce and closing down its London and San Francisco offices. “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. Not in 50 days, not in 80 days or anytime in the foreseeable future. Your music is safe.”
On top of that, SoundCloud has received support from Grammy award-winning musician Chance the Rapper – after he revealed on Twitter that he had spoken with Ljung regarding SoundCloud’s future. Following this, the Chicago-born rapper dropped an exclusive track on SoundCloud.
It is not clear if Chance has provided SoundCloud with some extra funds, along with other investors, to keep the streaming service running. He shouted out the platform at the Grammys for its role in his rise and the rises of many other artists in the past.