Unless you’ve been living under a rock over the past month or so, you’ve probably heard about the uncertain future of SoundCloud. Rumors began swirling in early July when the music distribution service laid off 40 percent of their staff and closed multiple offices, as reported by Billboard and various other news outlets.
After continuous headlines citing the very real chance that SoundCloud was going under, none other than Chance The Rapper stepped in, tweeting that “Soundcloud is here to stay.” He topped off this announcement by dropping a new single with Young Thug, “Big B’s,” via SoundCloud.
Today the good news continues, although SoundCloud remaining the familiar music source we know and love is still uncertain. As reported by Music Business Worldwide last week, “very solid industry sources” have confirmed that The Raine Group and Temasek Holdings will be investing a combined amount of around $150 million into the company, consequently taking control of the majority of its equity.
This is good news, as this investment will ensure SoundCloud’s survival. However, there’s no doubt that the two groups will want to make changes to the platform in order to make it more valuable in the future. At the very least, music fans can breathe easy knowing that one of their favorite streaming services is alive and, as Chance The Rapper himself said, here to stay.