SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO

Despite the support of famous artists such as Chance the Rapper and boasting over 40mn users, Soundcloud has struggled to monetise content hosted on its site.

In July 2017, SoundCoud was forced to let go of 40% of its staff to cut down on costs.

Soundcloud is popular with independent music articts and DJs worldwide, with many using it to share and comment on each other's work.

By comparison, its closest rivals, Pandora and Spotify, have ARPUs of $11 and $27, respectively.

The Raine Group has previously invested in a host of creative media and entertainment companies, including Vice Media, Imagine Entertainment, Important Studios and C3 Presents, owner and operator of music festivals Lollapalooza and Austin City Limits.

Indie music's favourite streaming portal has indeed secured investments from The Raine Group and Temasek, making it the largest round of financing SoundCloud has ever raised.

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"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators", said a representative for SoundCloud.

The move comes amid ongoing concern about SoundCloud's ability to stay afloat, after massive layoffs and reports that the Berlin company was running out of money.

Soundcloud is not going to die after all.

Ljung wrote in his blog that SoundCloud is "here to stay" as a "strong and independent" company.

Ljung says that "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".

Today, according to Digital Music News, Ljung has issued a statement that clears up what his role with the digital music company will be. SoundCloud Chief Executive Officer Alex Ljung is being replaced by Kerry Trainor, the former head of the online video service Vimeo.

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