SoundCloud's CEO Officially Out in Approved Bail Out Plan

Judith Bessette
Agosto 13, 2017

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. Current CEO and SoundCloud cofounder Alex Ljung will be replaced by former Vimeo chief executive Kerry Trainor, while another ex-Vimeo employee, Michael Weissman, was appointed the COO of SoundCloud.

According to Ljung, SoundCloud just wrapped up its largest financing round, receiving $170m (£135m) from The Raine Group and Temasek.

SoundCloud Ltd., the popular but financially strapped digital music service, is getting a lifeline from new investors who have agreed to pump $170 million into the company.

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"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 the company in a statement published this afternoon. Co-founder Eric Wahlforss will be chief product officer.

Raine partner Fred Davis, a former music industry attorney who represented several top acts before entering investment banking, including Kanye West and the Black Eyed Peas, said artists feel a fierce loyalty to SoundCloud - and worry about its fate. We can't have that, and I'm happy to once again say that won't be happening. "It's crystal clear to us that what SoundCloud has that is truly unique to its service is a unique set of rights and content that are available to listeners". Total revenue has more than doubled to more than a $100 million annual run-rate this year. I'm very excited to join this talented team and build the next chapter of growth around SoundCloud's mission to empower audio creators.

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