SoundCloud Accepts $170 Million Rescue, Taps New CEO

SoundCloud saved for the time being with new investment, new CEO and COO appointed

Post investment, Ljung will be replaced as chief executive by former Vimeo Chief Kerry Trainor and Mike Weissman, another ex-Vimeo connection, will become SoundCloud's COO.

Ljung, who had previously held the title of CEO, will remain at the company as Chairman.

With this new round of financing and a shake up at the top, it will be interesting to see how SoundCloud will reinvigorate itself and keep things in the green. The company launched a subscription music service a year ago, but that didn't generate enough revenue to avoid last month's layoffs. The new funding round valued the music streaming company at $150 million, compared with the $700 million valuation it was said to have received previous year.

As part of the investments, SoundCloud is adding talent from two former Vimeo executives. Trainor said this open artistic experimentation gives the platform a unique identity in the digital music space. Trainor said SoundCloud will continue to offer the suscriptions, but that it won't be the central focus of the company. Total revenue has more than doubled to more than a $100 million annual run-rate this year. "SoundCloud can do more".

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As BBC reports, the company was at risk of shutting down entirely should new funding not have been approved by its shareholders, in the wake of a string of hits to its operations, including the recent downsizing of its workforce by 40%, or 173 jobs, last month.

The service has more than 175 million users and is home to more than 160 million tracks, making it a favorite destination for discovering up-and-coming artists and listening to podcasts.

"They made the changes that needed to be made to get the cost and operations in line to take the business forward", said Trainor.

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