Well I'm surprised too that people would believe that this marks the end of soundcloud, as the end of soundcloud happened when they preventively deleted many DJ sets in anticipation of a future licensing deal with labels circa 2014, when the labels gets in the picture to take their share of the money usually marks the end of the website. The deal failed, in turn failing the exit option to be bought out for a hefty sum.
Then the soundcloud purge happened in 2015, then as expected soundcloud was losing millions and faced financial issues.
Then the agony continued and still continues, as if it didn't know that soundcloud is already dead.
Maybe it will be bought by AOL or yahoo to prolong its agony further.
https://www.theverge.com/2014/1/24/5342300/soundcloud-pursui...
http://recode.net/2014/01/24/soundcloud-has-a-new-pile-of-ca...
https://torrentfreak.com/record-labels-can-remove-soundcoud-...
https://thump.vice.com/en_au/article/4x8dqm/the-great-soundc...