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Exciting news and the future of SoundCloud
13 August 2017, 03:38 | Kelvin Horton
SoundCloud Accepts $170 Million Rescue, Taps New CEO to Replace Alex Ljung: Exclusive Interview
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.
The move comes amid ongoing concern about SoundCloud's ability to stay afloat, after massive layoffs and reports that the Berlin company was running out of money. Raine and Temasek were not immediately available for comment. But the SoundCloud did not reveal the amount of the investment.
The arrival of the former leaders of Vimeo - one of the biggest online video rivals to Google's YouTube and Facebook - raises the prospect SoundCloud may evolve beyond audio streaming in a more music video-oriented direction. Trainor is bringing his former Vimeo colleague Michael Weissman with him to take a role as SoundCloud's chief operating officer, while Ljung's co-founder Eric Wahlforss is staying on as chief product officer.
The struggling audio-hosting startup SoundCloud has secured a financial lifeline, with two investors putting up nearly $170 million to help the company stay afloat, according to Billboard.
SoundCloud's future has appeared uncertain in recent months, with acquisition talks from both Spotify and Twitter falling apart, platform issues causing core users to flee, and a surprise cut of 40 percent of its workforce in July.
The announcement also included some new figures: SoundCloud says its total revenue has "more than doubled, to a more-than $100m annual run-rate this year", while its catalogue has now increased to more than 160m tracks.
Digital music service SoundCloud will continue to operate following a new investment round. The company launched a subscription music service past year, but that didn't generate enough revenue to avoid last month's layoffs.
Seoul shares open lower amid tensions over North Korea
While the UK's FTSE 100 Index slid by 0.6%, the German DAX Index slumped by 1.1% and the French CAC 40 Index tumbled by 1.4%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.57 percent lower, while Japan's Nikkei percent.
Gunmen kill 7 White Helmets volunteers in Syria
They have since gained widespread global renown for their daring rescues, with footage often taken and circulated on social media. They are often the first on the scene after bombings to help those injured and pull survivors from the rubble.