SoundCloud has secured $169.5 million worth of investment to secure its future. Although co-founder Alexander Ljung will stay on as Chairman of the board, the top executive role will now be filled by Kerry Trainor, who previously headed up video sharing platform Vimeo. 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.
Reminiscing about the past ten years and the journey that he has undertaken alongside co-founder Eric Wahlforss, Ljung proudly declared that they "are just getting started". "We can't have that, and I'm happy to once again say that won't be happening". The company launched a subscription music service past year, but that didn't generate enough revenue to avoid last month's layoffs.
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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 - musicians, DJs, producers, labels, managers and podcasters", SoundCloud said. Both Trainor and Weissman are Vimeo alumni.
"We see an incredible opportunity for growth in this business", said Fred Davis, a partner at Raine who is joining SoundCloud's board of directors.
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. While rumors of an acquisition have floated, the company recently committed to staying independent, though it did recently lay off some 40 percent of its staff.