SoundCloud have acquired a new CEO – and with it, desperately needed funding. The future of the online streaming platform has been under threat for quite a while now. Forcing the company to make 40% of its employees redundant.
They also closed two offices just last month. It was reported at the beginning of the week that in order to keep operating, massive stakes of the business would be sold.
But now, a New York company by global merchant bank, ‘The Raine Group’ and investment group ‘Temasek’ have come on board to Soundcloud with a HUGE $169.5 million investment. Raine Bank were previously reported to have invested in Vice Media too. Hopefully the investment will keep the streaming platform on its feet!
Soundcloud is the world’s biggest audio and music platform, so it would be a shame to see the company go under. Veteran digital media operators Kerry Trainor and Michael Weissman are joining the SoundCloud team as Chief Executive Officer and Chief Operating Officer. Founder Alexander Ljung will be moving to Chairman of the Board.
This investment will provide the company with a strong and independent future. Making it possible to develop and market the core tools which is used by millions of audio creators who use the site.
Photo Credit: ▓▒░ TORLEY ░▒▓