SoundCloud secures its 'largest financing round,' names former Vimeo exec new CEO
13 August, 2017, 15:38 | Author: Terri Saunders
"I look forward to fully dedicating my time to leading the board and helping drive SoundCloud's long term strategic vision, and forging strategic partnerships and connections with industry partners and our one-of-a-kind creative community", said Ljung in a statement this afternoon.
Post investment, Ljung will be replaced as chief executive by former Vimeo Chief Kerry Trainor and Mike Weissman, another ex-Vimeo connection, will become SoundCloud's COO. Details are unclear at this stage, but during Trainor's tenure as CEO of Vimeo - a video streaming site popular with budding and established filmmakers - he employed monetization strategies that significantly raised the amount of video-sharing users and paying subscribers.
As BBC reports, the company was at risk of shutting down entirely should new funding not have been approved by its shareholders, in the wake of a string of hits to its operations, including the recent downsizing of its workforce by 40%, or 173 jobs, last month. This financing means SoundCloud remains strong & independent.
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Digital music service SoundCloud will continue to operate following a new investment round.
"I'm happy to announce that together with investors The Raine Group and Temasek we've just wrapped up the largest financing round in the history of SoundCloud", Ljung wrote on Friday. "We see a strong, independent future for the company". Co-founder and Chief Technology Officer Eric Wahlross will remain at the company as chief product officer. "This, I know, sets us up as an even greater team for the decade (s) to come". 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. "Millions of creators choose these tools to share their work with the world - that will remain at the focus and center of the company".
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