Soundcloud has been bleeding money for quite some time. This last week they laid off 40% of their workforce, and insiders say they have enough money for about 80 days of operations.
This is the perfect example of why an artist should not grow their fan base on any platform they do not own. Yes, you need followers on social media, and streaming or sales platforms. Yes you need to engage with them and grow them, but you need to bring them to your platform, your website, and add them to something you can control if you don’t, your thousands of fans will be gone.
Your artist website/domain should be the center of your online presence. Don’t give out your Instagram, Facebook, Twitter, and Soundcloud links, give out your website which has all those links. Provide value on your site. It should be the centerpiece for all your information and be the gateway to everything else. Use good strategies to collect emails and cell numbers. Otherwise, you are at the mercy of everyone else’s rules and could lose all you built tomorrow.
I am hopeful that Deezer or another tech company will see the value in Soundcloud’s tech and buy them and we will continue to use them as a tool–just not putting all our hopes in one basket.