Soundcloud Saved By Emergency Funding Round and Executive Shuffle
“We see a strong, independent future for the company”
The combined force of Chance The Rapper’s lobbying and a last-minute round of funding have afforded Soundcloud a new lease on life.
This morning, a shareholders vote took place to decide the future of the free streaming giant, with some speculating the end was nigh. Now, according to Billboard, a flush bankroll and a retooled executive roster will attempt to pull the company out of the red. Former Vimeo exec, Kerry Trainor, takes the reins from the company’s founder, Alexander Ljung, as its new CEO. Ljung and co-founder Eric Wahlforss are to remain with the company, but with new titles; Ljung taking a seat at the table as the company’s chairman of the board, while Wahlforss steps in as the new chief operating officer.
For those sweating over their beloved streaming service’s demise, it’s a moment to breathe. With a $170 million injection from The Raine Group and Temasek, and some new faces on the frontline, Ljung has expressed his confidence in the reinvigorated music streaming company. Whether that certainty is misplaced has yet to be determined.