Science

Cash-strapped SoundCloud gets new funds and top management

Cash-strapped SoundCloud gets new funds and top management

As Billboard reports, the funding came from two sources-a merchant bank called the Raine Group, and a Singaporean investment company called Temasek.

The struggling digital music service today secured a fresh round of funding that assures SoundCloud will remain independent, even as a new executive team takes over to steer the service into the future. Kerry Trainer is joining as CEO, while Mike Weissman will become chief operating officer. At that time Co-founder Alex Ljung said: " we continue to be confident the changes made last week put us on our path to profitability", and then fired 173 staff and said it was closing its London and San Francisco offices to focus on Berlin and NY.

The Raine Group and Temasek clearly believe that there is still an opportunity to build a long-term profitable business on the back the SoundCloud platform, which still plays an important music discovery role among early adopters and decision makers within the music community.

Ljung, who had previously held the title of CEO, will remain at the company as Chairman.

Soundcloud will now need to look at reducing costs and doing more to monetise the service which, according to the firms latest publicly available figures, has more than 40 million users.

Trainor plans to emphasize developing tools for musicians, DJs and other creators to use on SoundCloud, as he did with video creators on Vimeo by charging subscribers to use the video-sharing, marketing and analytics tools.

"SoundCloud is the largest open audio platform in the world", Trainor said.

In a blog post, Ljung assured concerned users the site wasn't going offline. Says new boss Trainor: "As a huge fan of the SoundCloud platform since its founding, I deeply admire what Alex and Eric have built".

"SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life, " Ljung wrote.


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