SoundCloud Loses CEO But Stays Afloat With New $215 Million Investment
13 Agosto, 2017, 23:15
As part of the investments, SoundCloud is adding talent from two former Vimeo executives.
Digital music service SoundCloud will continue to operate following a new investment round.
The Germany-based service had fallen on financial difficulties in recent times.
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SoundCloud spent years negotiating with record labels to build a $9.99 per month subscription service to match Spotify and Apple, but the resulting product hasn't gained traction.
"If I could show to you the number of people who have been calling us, expressing fear about it going away, you would be shocked", said Davis, who will join SoundCloud's board. This financing means SoundCloud remains strong, independent and here to stay.
The company outlined the investments in a blog post, while it also announced that former Vimeo executive Kerry Trainor will be taking over as CEO... Kerry Trainer is joining as CEO, while Mike Weissman will become chief operating officer. "We see a strong, independent future for the company". Although Ljung has been the CEO and chairman of the company for almost a decade, the founder will now simply just oversee the company as a chairman. This, I know, sets us up as an even greater team for the decade (s) to come. The company is also shifting its business strategy, to focus on selling more tools for artists, podcasters and other content creators to share material online.
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That's the approach Trainor used at Vimeo: charging filmmakers to use its video-sharing, marketing and analytics tools.
SoundCloud last reported about 170 million users and saw significant increases in creator subscriptions, uploads, listening time and listener subscriptions over the past 12 months. "It's unique. We just closed out the first decade and created a really unique platform that impacts global music every day", said Ljung.
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