SoundCloud isn't going anywhere, raises largest funding ever

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

"All of this together - the capital, the capital partners - with Kerry and Mike joining our team - it puts our company in a really great position to stay strong and remain independent", Ljung told Billboard.

The company, which laid off 40 percent of its staff in July, said in a blog post that the financing was raised from media-focused investment bank Raine Group of NY and Singapore's sovereign wealth fund Temasek.

Trainor, who also joins the board, has 20 years of experience building music and video streaming products, most recently as chief executive of Vimeo, where he worked closely with Weissman.

SoundCloud fans can hopefully rest easy for a while longer. At the time, co-founder and CEO Alex Ljung stated that it was required in order to "ensure our path to long-term, independent success".


SoundCloud founder Alexander Ljung confirmed the music-sharing platform "isn't going away" after being boosted by a $169.5 million investment from The Raine Group and Temasek. But the company has never been able to turn its popularity into a strong business. Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman.

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. Though there'll presumably be pressure on Trainor and Weissman to come up with a realistic game plan in the relatively near future. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company". Trainor said SoundCloud will continue to offer the suscriptions, but that it won't be the central focus of the company.

Concerned users had been backing up their Soundcloud uploads, anxious the site would go offline.

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