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Management shake-up helps Soundcloud secure 143m euros in funding

Europe
11.08.2017
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Berlin (dpa) - Soundcloud‘s co-founder has stepped down from his role as chief executive officer in order to secure a key investment of nearly 143 million euros (169 million dollars) and keep the Berlin-based music service afloat.

Alexander Ljung wrote in a Friday blog post that Kerry Trainor, former head of live-streaming video platform Vimeo, will take his place as CEO, and Michael Weissman will join as chief operating officer.

Ljung will stay on at Soundcloud as chairman of the board.

The changes were made as part of a new round of financing from global merchant bank The Raine Group and Singapore-headquartered investment company Temasek, Soundcloud announced in a statement.

On July 6, Soundcloud announced a substantial cut in personnel in order to reduce costs. The platform let go 173 employees - 40 per cent of its staff - and consolidated its team into offices in Berlin and New York.

The measures were aimed at putting the company on a "path to profitability" and helping the founders stay "in control of SoundCloud‘s independent future," Ljung wrote at the time.

Speculation has been rife that Soundcloud might be sold, earlier to Twitter or to the music-streaming market leader Spotify, more recently to competitor Deezer.

Soundcloud stands out from other streaming services by offering remixes and titles by unknown artists without a contract. The company also offers a subscription service with a traditional music selection, similar to Spotify or Apple Music.

With the new investment, Soundcloud has an estimated worth of approximately 127 million euros.

 

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