SoundCloud stays afloat with emergency investment, as CEO steps aside

SoundCloud CEO Alex Ljung would be replaced if the company receives the new funding

As the home to the world's most diverse creator community and the largest music streaming catalog available, SoundCloud lets you stream, share, discover and influence global music culture. Not including this most recent financing, the company has raised $298 million across eight funding rounds, according to CrunchBase. The Raine Group, based out of NY, has a history of investing in creator driven platforms, media, and entertainment companies ranging from VICE Media to Draft Kings, and even C3 Presents.

Ending his announcement, Ljung said "SoundCloud, just like music, will continue to evolve". SoundCloud's earlier backers had to accept a mark down on those earlier investments as part of the deal.

In July, SoundCloud fired 173 employees or 40 percent of the total and closed its London and San Francisco offices to focus on Berlin and NY. As subscription services like Spotify and Apple Music cornered the market, SoundCloud was squeezed out.

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It will be interesting to see where the company goes after this change in management, but it is promising that they are still staying independent.

That's the approach Trainor used at Vimeo: charging filmmakers to use its video-sharing, marketing and analytics tools. Trainor said this open artistic experimentation gives the platform a unique identity in the digital music space.

Soundcloud is now operating with a total revenue at a $100 million annual run-rate, but is still yet to break even. Many of those are hosted elsewhere, of course, but many aren't, as lots of artists use Soundcloud as their primary outlet for releasing and promoting material. The investment comes as SoundCloud was reportedly struggling financially, with media reports saying the company could not have continued without the investment. Mike Weissman will join the company as COO, and SoundCloud co-founder and CTO Eric Wahlforss will become SoundCloud's chief product officer.

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