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Soundcloud may be on its knees but Chance the Rapper says it's 'here to stay'

Chance the Rapper revealed he spoke with Soundcloud's Alex Ljung and maintained that the site would not go under

Soundcloud's bleak future appears to have taken a u-turn after Chance the Rapper asserted that the audio streaming site was "here to stay" following talks with one of its founders.

Earlier this week the company laid off around 40% of its staff and closed offices in London and San Francisco. This was coincided by grim statements from the co-founders warning that they may not survive the end of the year.

However, Chicago artist Chance the Rapper tweeted that the struggling startup was here to stay" after a "very fruitful call" with chief executive and co-founder, Alex Ljung.

Ljung reiterated the news in a blog post, as did prominent investor Fred Wilson of Union Square Ventures.

"There’s an insane amount of noise about SoundCloud in the world right now. And it’s just that, noise," Ljung wrote. "The music you love on SoundCloud isn’t going away... Not in 50 days, not in 80 days or anytime in the foreseeable future."

Earlier this year Soundcloud attempted to secure its future with the introduction of programmatic offerings intended to make it more attractive to advertisers.

Ljung revealed that the company doubled its revenues in the last year and said the company would focus on advertising and subscription streams while continuing to focus on helping artists and creatives.

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Tony Connelly

I cover media, marketing and sponsorship news within the sports industry. This includes breaking news as well as writing feature pieces with insights from experts in the sports marketing world.

All by Tony