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

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

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

The announcement also included some new figures: SoundCloud says its total revenue has "more than doubled, to a more-than $100m annual run-rate this year", while its catalogue has now increased to more than 160m tracks. As part of the deal, SoundCloud will get a new CEO, the company announced in a press release.

During an interview with Billboard, Kerry Trainor stated that SoundCloud is set to adopt some of the techniques and services that he has adopted from Vimeo, aiming to place a greater focus on developing tools for DJs, musicians, and other creatives. 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. Trainor said this open artistic experimentation gives the platform a unique identity in the digital music space. Co-founder Eric Wahlforss will be chief product officer. The Pro service, which costs $7 a month, provides basic stats such as play counts and likes, see plays by country, turn on or off public comments and upload up to six hours of audio.

Trainor is joining SoundCloud's board of directors, as is Raine Group partner Fred Davis, whose legal career has seen him work for clients including Spotify, YouTube, Last.fm and Rhapsody.

I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud.

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If you've been keeping up with SoundCloud lately, you know there have been some struggles.

The decision to lay off so many talented colleagues was "very painful", Ljung said, but that it was the right thing to do to ensure the future independence of SoundCloud.

SoundCloud has accepted a $170 million cash infusion that will allow it to continue operating independently.

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