SoundCloud has responded to these rumors, explaining that there are an "extensive number of inaccuracies" in the TechCrunch article that originally broke the story. But for many artists who have used the platform to launch their careers, the news is understandably alarming.
SoundCloud has transformed into a vital tool for both artists and listeners, and the idea of life without the platform is confusing. I mean, what will we call "SoundCloud rappers" in a post-SoundCloud world?
As details continue to emerge, many artists are taking to Twitter to explain how important SoundCloud has been for them as musicians.
Others seem to have the opinion that SoundCloud has been declining in recent years as it's struggled to adapt and keep up with competition.
With the writing on the wall, many are already attempting to picture a post-SoundCloud world.
Others are hoping for a savior to come in and save the platform with a financial investment.
But maybe the savior is already here? Will Chance The Rapper somehow figure out a way to save SoundCloud? We can only hope.