Chance The Rapper is the Robin Hood of the Music Industry
Almost as if in character, Chance the Rapper has revealed in a recent tweet that the independent music streaming service, Soundcloud, would remain funded for the foreseeable future. The tweet comes after a recent meeting with Soundcloud Founder and CEO, Alex Ljung, where it was revealed that the company would receive funding through the end of the 4th quarter.
A move that has been celebrated by underground/indie musicians, up and coming podcast creators and the more than 175 million active listeners that utilize the service.
The news comes as SoundCloud has been quietly dying. With rumors that the site had been struggling to make a profit, the company had announced it would soon be making massive layoffs, with a 40% reduction in staff while shutting down offices in London and San Francisco. This in order to compete in the market with it’s more profitable streaming competitors, Spotify and Apple Music.
It looks like with the recent backing from Chano, that won’t be happening…for now.
There has been no word on how much money Chance has planned to provide, or if he will be coming on as an investor, or even if the site will be sufficiently funded after the end of 2017. For right now, this just appears to be yet another generous, albeit peculiar move from hip-hop’s golden child.
This has undoubtedly been a big year for Chance. His unconventional approach to the music industry can arguably be seen as the biggest contributor to his success. He recently became the first artist in history to be nominated for seven grammys, win three of those nominations, all without being signed to a record label. Chance has also made the majority of his music available to the public for free, making the bulk of his revenue off of merchandise and touring the globe.
In fact, this strategy as a whole is being utilized by more and more up and coming creators. Instead of receiving from the backing of large, corporate investors, creators are opting the help of crowd funding operations such as Patreon and Kickstarter. The strategy also involves making a good portion of revenue from sales of ‘optional’ items such as bonus content, merchandise, etc.
SoundCloud still faces a very uncertain future, but with the help Chancellor Bennett himself, it just might be ready to “receive it’s blessing” with “no problem”