ibusinesslines.com
ibusinesslines.com August 22, 2017


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

SoundCloud ยป Exciting news and the future of SoundCloud

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.



Other News

Trending Now

China says willing to pay the price for new N.Korea sanctions
Stung by the latest round of United Nations sanctions, North Korea is likely on the lookout to expand its illicit trade outlets. Kang is echoing Tillerson's praise for the sanctions approved Saturday by the U.N.

Aaron Rodgers thinks he knows where Game of Thrones is going
We also know that Daenerys is the surviving Targaryen offspring, and that Jon Snow's father is also a Targaryen. In the midst of the chaos and the dragons spewing fire on the field, she may have just been told the worst.

Hamilton Releases Exclusive Show-Based iPhone and Android App
There is no limit to the number of times you can enter over during the musical's run, which continues through December 30, 2017. At first, hopefuls could only enter by dropping their name into a box outside the Broadway theater in NY .

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.

Gold Closes at One-Week High as North Korea Talk Grows Heated
Gold added $16.70, or 1.3 percent, to settle at $1,279.30 an ounce. "We have not had a 5 percent correction since June 2016". The dollar index.DXY, which tracks the greenback against six rival currencies, was down 0.17 percent to 93.391.

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.

Gary Neville: 'Chelsea boss Antonio Conte not happy with Nemanja Matic sale'
My idea was to give Bakayoko the right time to adapt in this league behind Matic. He was good in some games, inexperienced in others.