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

The past year has seen the world’s largest audio library SoundCloud battle to stay afloat in the market, but the future of the streaming platform seems secure, at least for now, thanks to a new investment deal. And today I’m here to tell you the exact same thing once again. On July 14, 2017 it was reported the SoundCloud is in financial trouble after the firm lay off 40% of its staff company and said it has enough cash until the end of September. As I said, we’re not going anywhere.

“Over the last few weeks, I’ve been moved by the outpouring of commentary around SoundCloud’s unique and crucial role in driving what global culture is today (and what it will become tomorrow)”, Ljung wrote. At that time Co-founder Alex Ljung said: ” we continue to be confident the changes made last week put us on our path to profitability”, and then fired 173 staff and said it was closing its London and San Francisco offices to focus on Berlin and NY. As part of the deal, SoundCloud will get a new CEO, the company announced in a press release. Now, it has been revealed that their CEO Alex Ljung will be replaced by Kerry Trainor, former CEO of Vimeo.

“After a decade of balancing the roles of Founder, CEO and Chairman 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”, Ljung said.

10 years ago SoundCloud was just an idea Eric and I bounced around. I can’t fathom how we’ve been so lucky as to create that. Now let us wait and hope for better outcome overall.

SoundCloud’s current subscription services mainly provide analytics insight at US$7 for the Pro Service and US$15 for Unlimited, and it’s likely Trainor will be looking into these tiers to provide more robust tool kits for musicians.