SoundCloud saved by "largest financing round" in company's history

Soundcloud CEO To Be Replaced By Vimeo CEO Following $170 Million Investment to Keep Company Afloat

As Billboard reports, the funding came from two sources-a merchant bank called the Raine Group, and a Singaporean investment company called Temasek.

While the new investment has resulted in a change in management - and a considerable write down of the digital company's valuation - it will bring to an end weeks of speculation that the end is nigh for all things SoundCloud. The new round raised Dollars 169.5 million.

"The core of our company is the creators", said Ljung, who is becoming chairman of SoundCloud. The company outlined the investments in a blog post, while it also announced that former Vimeo executive Kerry Trainor will be taking over as CEO... Kerry Trainor and Michael Weissman, former executives of video-sharing platform Vimeo, will also join the company as CEO and COO of SoundCloud respectively.

Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started".

The Raine Group and Temasek clearly believe that there is still an opportunity to build a long-term profitable business on the back the SoundCloud platform, which still plays an important music discovery role among early adopters and decision makers within the music community.

The past year has seen the world's largest audio library SoundCloud battle to stay afloat in the market, but the future of the streaming platform seems secure, at least for now, thanks to a new investment deal. New COO Weissman worked closely with Trainor at Vimeo.

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.

Recently you heard me say SoundCloud isn't going away.

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

Related:

Comments

Latest news

Natalie Cole's Son Dead at 39
Family members tell us ... authorities contacted them at 2:30 AM Tuesday and said Robert died of a heart attack . The county coroner's office says the death was reported as due to natural causes but an autopsy is planned.

No ceremonial meeting between Indian and Chinese troops on the I-Day
An army source in Srinagar also spoke of an altercation following what he called a Chinese army "incursion in Pangong lake area". Meanwhile, the Indian government is planning to raise the issue with its Chinese counterparts in a flag meeting on Wednesday.

ME congressional delegation weighs in on Trump's news conference
Trump claimed that he watched Charlottesville very closely and that people on the left were swinging clubs. This violence is unhelpful to the left-wing cause, so reporters and editors suppress references to it.

60 children die in five days in Gorakhpur hospital
Reports say the deaths were caused due to an oxygen shortage after a private supplier withdrew its equipment over unpaid hospital dues.

Trump to launch investigation into China's trade practice
China, which is suspected of failing to enforce past United Nations measures, accounts for 90 per cent of North Korea's trade. If the United States were to engage in such an act, Parker thinks China or Russian Federation would introduce a U.N.

Lexington, Ky. Mayor Says Confederate Statues Are Coming Down After Charlottesville
Taney, the Supreme Court justice who penned the Dred Scott decision in 1857, from the state house lawn. The speaker of the Maryland state House on Monday called for the removal of a statue of Roger B.

White House figures plotting against Donald Trump: Scaramucci
According to the report, Trump has been "irritated" with Bannon following a series of Breitbart reports targeting McMaster. STEPHANOPOULOS: They include Steve Bannon? "He's got to move more to the mainstream", Scaramucci said .

30 children die in 48 hours in Gorakhpur hospital
The Congress also alleged that the Adityanath government was running an "operation cover-up" in an attempt to bury the truth. Meanwhile, leaders of Opposition parties have reacted sharply to the development.

Sir Mo Farah claims silver in 5000 metres at world athletics championships
Quite simply, Farah will go down in history as Britain's best-ever athlete and one of the greatest the world has ever witnessed. For Farah, there will be no comeback on the track, as he now moves up the marathon looking to extend his gold medal haul.

Liverpool's owners: Coutinho is not for sale
It's getting to the stage where if he doesn't want to be here, no player is bigger than Liverpool . But I don't think so because I think it was pretty clear what the club, FSG, said about it.

700000 pesticide-contaminated eggs imported into United Kingdom - authorities
Britain, France , Sweden and Switzerland have all been warned to keep an eye out for tainted eggs arriving in their countries. It has since emerged Belgian officials knew about the contamination in June, but did not make the information public.

Snapchat results show growth in users and revenue
The stock has slumped 19 percent since Snap's March 1 IPO at $17 a share, closing at $13.77 in NY on Thursday. The firm had revenue of $181.70 million during the quarter, compared to analyst estimates of $186.49 million.

'Sonic attack' leads U.S. to expel two Cuban diplomats
Further U.S. action could follow if that investigation points to Cuban government targeting of U.S. employees, officials said . According to the Canadian national broadcaster, the government is working with Cuban authorities to determine what happened.

GW Hospital misses cut on US News best hospital list
Penn Medicine Chester County Hospital ranked eighth statewide, recognized as high-performing in four procedures or conditions. The best hospital in the state, according to the rankings , is University of Wisconsin Hospital and Clinics in Madison.

US Says Russian Election Interference Created 'Serious Mistrust'
Russian Federation has repeatedly rejected allegations that it interfered in the United States election while Trump has denied any collusion with Moscow.

Other news