Investors rescue embattled SoundCloud with $170 million lifeline
14 August, 2017, 05:37 | Author: Leticia Walters
Raine Group and Singapore's Temasek Holdings have agreed to inject the new money, however SoundCloud had to accept a steep drop in its valuation. He has 20 years of experience building and leading music and video streaming products, most recently as Chief Executive Officer of Vimeo.
SoundCloud's struggles have been well publicized over recent months.
I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud. You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music. This financing means SoundCloud remains strong, independent and here to stay.
However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively.
Ljung and SoundCloud co-founder Eric Wahlforss will remain with the company they founded a decade ago.
Ljung says that "I'm excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term".
"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators", said a representative for SoundCloud.
Trainor said the company will compete less directly with larger rivals Spotify Ltd. and Apple Music, an acknowledgment that the company's costly years-long effort to build a rival subscription service wasn't successful. The company is also shifting its business strategy, to focus on selling more tools for artists, podcasters and other content creators to share material online.
Over the past 12 months, SoundCloud said it has seen double-digit gains in creator subscriptions, uploads, listening time and listener subscriptions.
SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life.
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