Last minute emergency funding saves SoundCloud
During last month, news broke that SoundCloud only had enough funds to carry on for another 50 days before the music streaming service would shut down. Recently however, rumours had circulated that if SoundCloud did not swipe a deal their closure was more than likely imminent within the next 24 hours. Thankfully the music platform has secured emergency funding for the foreseeable future and it could not have come at a better time.
News of the new investment was announced via a blog from SoundCloud founder Alexander Ljung. As part of the new investment, Ljung will step down from the position of SoundCloud’s CEO but remain as the Chairman. Kerry Trainor, formerly CEO of video platform Vimeo will vacate as the new CEO of the company. Also joining the team will be Vimeo’s COO Mike Weissman who will continue in the same position.
A reflective Alexander Ljung speaking on stepping down as CEO said:
“After a decade of balancing the roles of Founder, CEO and Chairman I’m excited to hand the CEO reins over to Kerry to allow me to fully focus on the role of the Chairman and the long-term. This, I know, sets us up as an even greater team for the decade(s) to come”.
SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life.