Soundcloud the online music distribution platform that many of the new aged rappers blew up off. Big Names like XXXTENTACION, Lil Yatchy, Lil Uzi vert, Lil Pump…etc all leveraged this site to get listeners to listen to their music has announced “Soundcloud is here to stay” said by Alexander Ljung the company chairman stated in a blog post. Read here.
“Over the last few weeks, I’ve been moved by the outpouring of commentary around Soundcloud’s unique and crucial role in driving what global culture is today (and what it will become tomorrow).
“You’ve told me how, without Soundcloud, there would be a giant gaping void in today’s world of music. We can’t have that, and I’m happy to once again say that won’t be happening.”
Investors invested over $170 million to keep the company alive.
Back in July this year Soundcloud was in a tough financial crisis which the company stated it only had enough funds to last for a month and was forced to laid off 40% of its workforce, a total of 173 people. The company will under go under major changes moving forward. Mr Ljung will be replaced as chief executive by Kerry Trainor, the former boss of video-sharing site Vimeo. Mike Weissman, also formerly at Vimeo, will become Soundcloud’s chief operating officer.
Soundcloud will now need to look at reducing service overhead cost and find new ways to bring in more cash into the company. The platform has more than 40 million users and with the right marketing strategies the company can leverage it’s huge user base.
What would happen if Soundcloud did die? What will happen to all the rappers? Would they have died too? More just move to a new platform?