Investors rescue embattled SoundCloud with $170 million lifeline

Ivan Schwartz
August 13, 2017

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

However, he also announced his resignation, revealing that Kerry Trainor and Mike Weissman will be joining SoundCloud as CEO and COO, respectively.

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.

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. Trainor said SoundCloud will continue to offer the suscriptions, but that it won't be the central focus of the company.

Ljung, who had previously held the title of CEO, will remain at the company as Chairman. Ljung will serve as chairman of SoundCloud's board, and Wahlforss as chief product officer. We can't have that, and I'm happy to once again say that won't be happening.

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Raine partner Fred Davis, a former music industry attorney who represented several top acts before entering investment banking, including Kanye West and the Black Eyed Peas, said artists feel a fierce loyalty to SoundCloud - and worry about its fate. "It's crystal clear to us that what SoundCloud has that is truly unique to its service is a unique set of rights and content that are available to listeners".

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

SoundCloud last reported some 170 million users.

I'm excited to also announce that this new partnership also brings talent to our SoundCloud family.

Other reports by GizPress

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