Economy

Online music service SoundCloud saved by $170 million investment

Online music service SoundCloud saved by $170 million investment”

Alex Ljung, along with co-founder Eric Wahlforss, are set to stay with the company, with Ljung serving as a chairman on the company's board, while Walhforss will serve as the chief product officer for Soundcloud.

Digital music service SoundCloud will continue to operate following a new investment round.

"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.

The company will now be led by CEO Kerry Trainor and Chief Operating Officer Michael Weissman, both of whom held similar roles at Vimeo, a video-sharing site that is a subsidiary of IAC.

Today, Ljung made a statement through the firm's blog announcing that The Raine Group and Temasek have just sealed the deal on the largest financing round in the history of the company.

SoundCloud was launched in 2008 and has never said how many paying subscribers it has, but launched a budget subscription package for hoping that will have more listeners to convert from its free service, which that also did not do well.

As BBC reports, the company was at risk of shutting down entirely should new funding not have been approved by its shareholders, in the wake of a string of hits to its operations, including the recent downsizing of its workforce by 40%, or 173 jobs, last month.

As to why he is stepping down, Ljung said: "After a decade of balancing the roles of founder, CEO and chairman 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".

"SoundCloud is the largest open audio platform in the world", Trainor said.

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.



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