SoundCloud secures new investment - and gets a new CEO

SoundCloud secures new investment - and gets a new CEO

It has been reported that investors the Raine Group and Singapore - headquartered investment company Temasek added the new funds.

Recently you heard me say SoundCloud isn't going anywhere. Raine and Temasek were not immediately available for comment. Details are unclear at this stage, but during Trainor's tenure as CEO of Vimeo - a video streaming site popular with budding and established filmmakers - he employed monetization strategies that significantly raised the amount of video-sharing users and paying subscribers.

However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively. SoundCloud disclosed steps it would cut its overhead costs last month, which included 173 layoffs.

"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", said a representative for SoundCloud.

Ljung will continue to serve as chairman, and co-founder Eric Wahlforss will stay with SoundCloud as chief product officer.

According to Billboard, SoundCloud is banking on The Raine Group's extensive expertise in media to help achieve profitability, as it has previously taken stakes in Vice Media, Imagine Entertainment, and video news outlet Cheddar.

In its blog post, the decade-old, Berlin-based company said that at current sales levels, it was on track to more than double its revenue to $100 million over the next 12 months.

I'm excited to also announce that this new partnership also brings talent to our SoundCloud family. The company launched a subscription music service previous year, but that didn't generate enough revenue to avoid last month's layoffs.

Raine Group has been an active US investor in media and entertainment properties.

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