SoundCloud avoids death with late investment, but CEO steps down

17 August, 2017, 06:55 | Author: Sam Montgomery
  • Soundcloud CEO To Be Replaced By Vimeo CEO Following $170 Million Investment to Keep Company Afloat

Post investment, Ljung will be replaced as chief executive by former Vimeo Chief Kerry Trainor and Mike Weissman, another ex-Vimeo connection, will become SoundCloud's COO.

Speaking to Billboard, Trainor highlighted plans to develop a "robust creative toolkit" for SoundCloud's Unlimited service in hopes of attracting more musicians to pay for its most expensive subscription. But not unlike companies before and after it, it has struggled to monetize its user base, burning through its venture capital without being able to put the company in a profitable position a decade after launch.

"SoundCloud is here to stay", wrote Alexander Ljung, the company's chairman and co-founder, who is stepping down from his role as CEO.

"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.

Raine Group and Singapore's Temasek Holdings have agreed to inject the new money, however SoundCloud had to accept a steep drop in its valuation.

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Given that Soundcloud has never made money, serious changes to the service can not be far away.

With largest amount of founds and new leadership the SoundCloud will now need to look at reducing costs and monetizes the service. You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music.

SoundCloud has received a "substantial" round of investment, the online music streaming service said on Friday, insulating it from potentially running out of cash later this year. Says new boss Trainor: "As a huge fan of the SoundCloud platform since its founding, I deeply admire what Alex and Eric have built".

After the funding round, Ljung explained that the company "is set up as an even greater team for the decade (s) to come".

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