SoundCloud Loses CEO But Stays Afloat With New $215 Million Investment

SoundCloud Loses CEO But Stays Afloat With New $215 Million Investment

Axios says CEO Alexander Ljung infers in the memo that if the proposal is rejected, SoundCloud's ability to continue would "not be a going concern".

Billboard also reports that that founder and CEO Alex Ljung will step down as CEO, to be replaced by former Vimeo CEO Kerry Trainor.

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.

However, the new round of investment - which includes contributions from NY financiers The Raine Group and Singaporean company Temasek - represents the largest funding boost in the company's history, and should at least alleviate some of its woes as it looks for more ways to monetise its 40 million-strong user base, Ljung said in a statement.

Axios reported the term sheet circulating among existing investors since Tuesday set Friday as a deadline to agree to the new investment structure.

Sanchez to miss start of season for Arsenal
Arsene Wenger would respond by sending on by sending on Olivier Giroud and Aaron Ramsey , and that proved to be an inspired decision.

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.

Nevertheless, the investments from the Raine Group and Temasek mean SoundCloud will stay independent. You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music. Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman.

SoundCloud's current subscription services mainly provide analytics insight at US$7 for the Pro Service and US$15 for Unlimited, and it's likely Trainor will be looking into these tiers to provide more robust tool kits for musicians.

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

Related Articles

  • Shares hit by US-North Korea tensions

    Shares hit by US-North Korea tensions

    President insists on ramping up the war of words, there is a decreasing chance of any diplomatic solution", Carnell said. Crude futures extended losses on fears of slowing demand and lingering concerns over a global oversupply.
    Iran defies U.S.  with increased budget for missile programme

    Iran defies U.S. with increased budget for missile programme

    A total of 240 lawmakers voted for the bill, out of the 244 parliamentarians present. Sanctions against Iran is mainly in response to Tehran's growing missile programme.
    Palace: Contingency plans ready in case of attack on Guam

    Palace: Contingency plans ready in case of attack on Guam

    After issuing a warning like they did on Tuesday, if the United States spotted North Korea preparing a launch, it might intervene. Pyongyang stepped up its bellicose rhetoric this week, threatening to target waters off Guam with intermediate range missiles.
  • 'Under no circumstances' will we stop building nukes

    'Under no circumstances' will we stop building nukes

    The United States will have direct talks with North Korea if the rogue nation agrees to stopping their ICBM tests . President Donald Trump and South Korean President Moon Jae-in are sharing their concerns about North Korea.
    India 235-3 at tea on Day 1 of 3rd test vs

    India 235-3 at tea on Day 1 of 3rd test vs

    All the players were there and we discussed how we could take our game forward, and how we're going to win games. Anything over 375 will be a real bonus as like in the first two Tests, Sri Lanka will again have to bat last.
    Gold steady near 2-month highs on N. Korea tensions

    Gold steady near 2-month highs on N. Korea tensions

    As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.9 basis points to 2.212%. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday.
  • Phil Neville: Manchester United's title bid strengthened by signing of Nemanja Matic

    Phil Neville: Manchester United's title bid strengthened by signing of Nemanja Matic

    If Nathaniel Chalobah or Ruben Loftus-Cheek were still there they could get rid of Matic and play a younger kid. Will he gel alongside Kante? Neville had his say on the matter at the Premier League launch in London today.
    Mattis: US Prefers Diplomatic Approach

    Mattis: US Prefers Diplomatic Approach

    Speaking to journalists at his New Jersey golf club, the President said that he didn't think his comments had been "tough enough". Japan said Thursday it could shoot down missiles for its USA ally if North Korea fires them at Guam.
    Two troopers dead after Virginia State Police helicopter crashes near Charlottesville

    Two troopers dead after Virginia State Police helicopter crashes near Charlottesville

    Lee, and were met by counter-protesters, leading to violence that began Friday night and continued into Saturday. One person was killed and at least two dozen were hurt.
  • Stocks plunge amid growing North Korean-US tensions, gold continues rise

    Stocks plunge amid growing North Korean-US tensions, gold continues rise

    Rival TripAdvisor also slumped after its latest quarterly report showed that online and transaction revenue growth fell sharply. The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent.
    Political tensions continue to weigh on world stocks

    Political tensions continue to weigh on world stocks

    As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.9 basis points to 2.212%. Penney dropped 78 cents, or 17%, to $3.93 Friday after the department store's second-quarter loss exceeded expectations.
    European markets end lower amid geopolitical tensions

    European markets end lower amid geopolitical tensions

    The broad-based S&P 500 shed 0.6 percent to 2,459.50, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 6,299.12. Penney slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss.