Soundcloud To Go Bankrupt in 50 days ?
July 14, 2017
Nelly Varela | Staff Writer
My heart is heavy, my jaw is dropped, and I can literally feel a tear running down my face… Ok, maybe I was a little over dramatic there, but my heart really is heavy. 10 years of music, 10 years of remixes, 10 years of finding myself through all of the music this platform blessed my ears with; Soundcloud, I miss you already.
Could this really be the end?
I would like to think not, but facts are telling me otherwise. News arose of the company downsizing by closing offices in London and San Francisco, leading to the subsequent firing of 40% of their staff. Post the huge Souncloud lay-off, Techcrunch has reported from insider information that the company will last a total of about 50 days before going entirely bankrupt.
Released in an article by Techcrunch, sources at Soundcloud tell Techcrunch, that founders Alex Ljung and Eric Wahlforss confessed the layoffs only saved the company enough money to have runway “until Q4” — which is set to begin on September 1st.
With this being said, NOW IS THE TIME TO BACK UP YOUR MUSIC. If this unfolds to be true, all of the music ever streamed on Soundcloud will cease to exist from one day to the next, taking the largest collection of independent music along with it.
With 175 million monthly users, it’s sad to think that we might soon be saying goodbye to one of the best music streaming platforms created. To end this on on a positive note, Soundcloud is currently looking for investors to help them get out of this rut, and I sure as hell hope they find one.
Till then, RIP Soundcloud and I thank you for all of those remixes so many of us could only find on your platform.