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

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In a series of tweets and words from Ljung himself, the news that SoundCloud will not be going extinct reverberated through the Internet with many hailing Chance as the site's savior.

SoundCloud founder Alexander Ljung has issued a statement on recent reports that have circulated about the possible closure of the streaming platform.

He wrote: "There's an insane amount of noise about SoundCloud in the world right now".

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On Friday (July 14), Chance revealed that he had a "very fruitful" conversation with Soundcloud CEO Alex Ljung, assuring fans, "SoundCloud is here to stay". If you're hosting and sharing music, podcasts or other content from SoundCloud, you should start thinking about a Plan B, as you should for all cloud services - especially free ones. "Not in 50 days, not in 80 days or anytime in the foreseeable future". "And it's just that, noise". Your music is safe.

Both musicians have made a decision to release a single exclusively on Soundcloud for the objective of helping the platform in times of difficulty.

It isn't clear if the musician might have given some extra financial support to the company, but he's credited the platform for helping upcoming artists gain stardom in the past. 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.