Fans and artists alike were worried about the future of SoundCloud after TechCrunch reported that the audio/streaming website is struggling financially. Despite laying off 40 percent of its staff, a spokesperson for SoundCloud said they are fully funded into the fourth quarter as they make changes to ensure the company's long-term viability.

Upon hearing the news, Chance the Rapper, who has benefitted greatly from SoundCloud’s support, went on his Twitter account to inform fans that he looking into the situation.

Hours later, Chano return to social media to deliver some promising news. "Just had a very fruitful call with Alex Ljung [CEO of SoundCloud]. @SoundCloud is here to stay," he tweeted.

The SoundCloud Twitter account also confirmed that they are not planning to go anywhere. Read the tweets below.

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. SoundCloud is home to countless of independent musicians who use the service to distribute music to their fans.

In a blog post on SoundCloud's website, Ljung assured fans that they are staying put. "The music you love on SoundCloud isn't going away, the music you shared or uploaded isn't going away, because SoundCloud is not going away. Not in 50 days, not in 80 days or anytime in the foreseeable future. Your music is safe."

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