SoundCloud CEO promises company is 'here to stay'

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Chance The Rapper didn't just release a hot new collaboration with Young Thug: He made the decision to do so via Soundcloud, and there's more to that (solid) choice than a simple preference of streaming platform.

As if that wasn't bad enough, TechCrunch then reported the company would only have enough money to last for 50 more days (which the company denied).

The 24-year-old songwriter, who started his career by releasing music on SoundCloud, was shocked when earlier this week (beg10Jul17) it was leaked that the company had to let go of nearly half of its staff and only had enough funding to keep afloat until the end of the year.

Earlier this month SoundCloud laid off 40% of its staff and closed the San Francisco and London offices. Your music is safe.

More news: Procter & Gamble Co (PG) Proxy Fight

Co-founder Alex Ljung said in a public interview at the Tech Open Air conference in Berlin this week that the company was fundraising, although he declined to comment on a rumour it was trying to raise $250 million.

While this is good news, there hasn't been any concrete details on how Soundcloud plans to stay afloat and compete with other streaming platforms like Spotify and Apple Music.

But if it results in a new song from Chance - who's remained committed to giving away his music for free despite his Grammy wins and chart-topping success - who's complaining?

Over the weekend, Chance the Rapper, an artist who got their start on SoundCloud, tweeted that "I'm working on the SoundCloud thing", later saying he had been in conversation wth Ljung and that discussions were "fruitful".

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