It's not looking good for SoundCloud.
The streaming service just laid off 40 percent of its employees and a new report state they only have enough cash to last until the fourth quarter of this year -- which starts in 50 days.
SoundCloud has become a popular platform for up-and-coming rappers and producers to get their stuff out, and Chance The Rapper -- who's long embraced the free model of music distribution -- jumped on Twitter this afternoon and said he's working to save SoundCloud.
[Related: Chance The Rapper disses record labels by name.]
I'm working on the SoundCloud thing
— Lil Chano From 79th (@chancetherapper) July 13, 2017
From our read, it seems like what SoundCloud needs to stay afloat is additional investment in the tens of millions of dollars, and we doubt Chance has that kind of clout at this point.
But it'll be interesting to see what he can come up with.