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.



Like this

Latest


12 August 2017
Danish submarine inventor charged over disappearance of Swedish journalist
Before the hearing was closed, the courtroom was packed with Danish and Swedish reporters and the 46-year-old Madsen's relatives. Police are hunting for witnesses and camera footage to determine whether the missing woman had disembarked after setting off.

12 August 2017
Kerala school's uniform plan for bright, boring students sparks row
All the students were advised to follow the same in the new academic session which started back in June. The school authorities were not immediately available for comment.

12 August 2017
Legato Capital Management LLC Raises Stake in PAREXEL International Corporation (PRXL)
Legato Capital Management LLC raised its position in PAREXEL International Corporation by 6,211.0% in the first quarter. A reading under 20 would suggest no trend, and a reading from 20-25 would suggest that there is no clear trend signal.

12 August 2017
Chelsea influence has been the game changer for Arsenal - Jamie Carragher
Redknapp suggested that Liverpool's defensive problems would be solved if they signed Virgil van Dijk from Southampton . That first half was like Liverpool at their worst last season so then you've had a pre-season and nothing's changing.

12 August 2017
European Union imposes tougher sanctions on N. Korea for missile tests
North Korea in turn threatened to strike Guam, a Pacific-island US territory home to a strategic air force base and a population of 162,000.

12 August 2017
Energizer Holdings, Inc. (NYSE:EPC) Downgraded by TheStreet to "C+"
August 3 investment analysts at Deutsche Bank left the company rating at "Buy" but raised the price target from $45.00 to $49.00. Thrivent Financial For Lutherans bolstered its ownership by buying 890 shares an increase of 7.6% from 03/31/2017 to 06/30/2017.

12 August 2017
Futures lower as N.Korea tensions extend to third day
On the currency markets, the pound was up 0.03% against the dollar at $1.2981 but down 0.23% against the euro at 1.0999 euros. The dollar index .DXY , which measures the US currency against a basket of other major currencies, fell 0.14 percent.

12 August 2017
Gunfight rages in Kashmir's Shopian
Meanwhile, a woman was killed in the shelling from Pakistan side in Jammu and Kashmir's Mendhar sector at 5:30 a.m. on Saturday. At least two to three terrorists are suspected to have been trapped in the area.

12 August 2017
Internap Corporation (NASDAQ:INAP) Major Shareholder Sells $523750.00 in Stock
Internap Corporation (INAP ) have shown a high EPS growth of -15.91% in the last 5 years and has earnings decline of -155.40% yoy. Bank of New York Mellon Corp owned about 0.09% of Internap Corporation worth $192,000 as of its most recent filing with the SEC.

12 August 2017
USA tensions with North Korea rattle markets
Nordstrom shares were up 1.63 percent at $45.60 following the apparel retailer's better-than-expected quarterly same-store sales. Avis Budget Group slumped 9.9% after the auto rental company cut its guidance following a weak second quarter.



Recommended