SoundCloud Secures $169.5 Million Investment

SoundCloud saved for the time being with new investment, new CEO and COO appointed
SoundCloud Loses CEO But Stays Afloat With New $215 Million Investment
Author

17 August, 2017

SoundCloud has lived to fight another day, after investors accepted a 'do-or-die' proposal and, as a result, the music streaming service received a cash injection of $169.5m - the largest financing round in its history. Ljung is stepping down as CEO, to be replaced by former Vimeo CEO Kerry Trainor. Mike Weissman, also formerly at Vimeo, will become Soundcloud's chief operating officer.

SoundCloud fans can hopefully rest easy for a while longer. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer. I'm very excited to join this talented team and build the next chapter of growth around SoundCloud's mission to empower audio creators.

The struggling audio-hosting startup SoundCloud has secured a financial lifeline, with two investors putting up nearly $170 million to help the company stay afloat, according to Billboard.

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.

Ljung, who had previously held the title of CEO, will remain at the company as Chairman.

Pound plummets against major currencies on United Kingdom inflation data
Lower petrol prices in July were offset by higher costs for food, clothing and household goods, it said. The pound saw more drastic falls against the dollar, trading 0.76 per cent down on Tuesday at $1.2863.

Zipping through the heavens, the Perseid meteor shower peaks this weekend
To make the most of the night, viewers are advised to go to a dark area as far away as possible from urban centres. The Leonid meteor is caused by debris from the comet Tempel-Tuttle, which has a 33-year orbit around the Sun.

One dead, over 30 injured in blast near Lahore's Band Road
He also said that the blast would investigated in all the angles, adding further that the device was planted inside a fruit truck. An explosion in Lahore's western suburbs on Monday evening resulted in injuries to more than 26 people , DawnNews reported.

Trainor told Billboard his experience running Vimeo - a platform created by filmmakers to share and monetize their videos - would inform his work at SoundCloud, as he places greater emphasis on developing tools for musicians, DJs and other creators.

SoundCloud last reported about 170 million users and saw significant increases in creator subscriptions, uploads, listening time and listener subscriptions over the past 12 months.

Despite the support of famous artists such as Chance the Rapper and boasting over 40mn users, Soundcloud has struggled to monetise content hosted on its site.

SoundCloud is going nowhere.

SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life.


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