Friday, 15 December, 2017

SoundCloud Secures Significant Investment, Announces New CEO

SoundCloud CEO Alex Ljung would be replaced if the company receives the new funding SoundCloud CEO Alex Ljung would be replaced if the company receives the new funding
Terence Owen | 12 August, 2017, 01:11

Late past year, the talks between SoundCloud and Spotify regarding the acquisition of the free music streaming service fell apart.

SoundCloud, the popular but financially strapped digital music service, is getting a lifeline from new investors who have agreed to pump $170 million into the company. In 2016, the company raised $70 million from Twitter, according to Variety. SoundCloud's previous valuation was $700 million. Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer. SoundCloud stated that the company is "fully funded into Q4".

Out of all music streaming services like Spotify, Apple Music and Pandora, SoundCloud actually has the largest listener base with 175 million.

"Now in its 10th year, I'm proud to say SoundCloud stands as an indispensable part of global music culture", Ljung said in the release.

Nintendo is being used over the design of the Switch's detachable controllers
The Joy-Cons are the primary controllers for the Switch and a pair of them come included with each Switch console . Nintendo's first-party titles such as the Legend of Zelda and Mario Kart 8 Deluxe have helped boost Switch sales.

The investment would come from Raine Group and Temasek, with the latter requiring anti-trust clearance.

Under the new investment plan former CEO and founder Alex Ljung has stepped down and will now serve as chairman of the board.

Musicians already turn to SoundCloud to invite unusually public collaborations on unfinished works, promote new songs - or get private feedback before releasing a track to the world. 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. Mike Weissman will be taking over the still-vacant COO position, from the same position at Vimeo. 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. Its investment activities are guided by four investment themes and the long term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions.

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