SoundCloud secures new investment - and gets a new CEO

SoundCloud » Exciting news and the future of SoundCloud

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.

Please Wait while comments are loading.

Related:

Comments

Latest news

Tropical depression could form in the Atlantic this weekend
How do hurricanes get their names? Seas will also be churned up across most of the East Coast early this week. The system is expected to head north along the coast before peeling off into the Atlantic early next week.

MACC team raids Penang exco's office, seizes documents
Phee was also represented by lawyer Ram Karpal Singh while the other two were represented by Dev Kumaraendran. Rayer said he will appeal the remand order.

Now 544 robots will take on terrorists in Kashmir
"I will specifically praise the Jammu & Kashmir police for working hard (towards eliminating terrorists)", he said. As per media reports, around 544 robots have been approved to be deployed in the Kashmir Valley.

Chelsea player reveals José Mourinho tried to sign him for Manchester United
He's made history everywhere with Porto, Inter and now he can do it with Manchester United . The 35-year-old was the only United player to get into double figures in the league.

7 white helmets rescuers shot dead in gun attack
They have since gained widespread global renown for their daring rescues, with footage often taken and circulated on social media. White Helmet volunteers are trained in Turkey to provide emergency medical assistance to civilians caught in Syria's civil war.

Other news