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.
Robin Haase reaches the semi-finals at the Rogers Cup
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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".
Geological Survey said the quake Sunday morning had a magnitude of 6.4 and occurred at a depth of 35 kilometers (21 miles). Channel NewsAsia received calls from residents in Singapore living in Toa Payoh and Farrer Road saying they felt tremors.
After touching a more than two-month high at US$1,291.86, spot gold last added 0.2 per cent to US$1,288.81 an ounce. Pyongyang said it was examining plans for attacking Guam, a US territory in the Pacific with a military base.
The Iranian Parliament on Sunday ratified a motion on countering "US adventurous and terrorist measures in the region". Deputy Foreign Minister Abbas Araghchi also voiced approval of Rouhani's administration for the bill.
The local currency was trading at 1,135.20 won against the USA dollar, down 10.10 won from the previous session's close. The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent.
Retailers slid after department stores Macy's and Kohl's both said same-store sales continued to decline in the second quarter. Investors are increasingly nervous: The VIX volatility index, a closely-watched "fear gauge", is up 70% since Tuesday.
But some economists say the Fed may stand pat for the rest of 2017 unless inflation accelerates in coming months. Brent crude, used to price worldwide oils, rose 20 cents to $52.10 a barrel in London .
North Korea responded by saying it was considering a plan to attack Guam and dismissed Trump's warnings as a "load of nonsense". On Tuesday, the commander in chief said the rogue nation "will be met with fire and fury like the world has never seen ".
Game of Thrones has released a new batch of photos ahead of episode five " Eastwatch " - and there's no Jaime Lannister in sight. And although Drogon and some of his flames might've been added in post, much of what we see is real.
While the French CAC 40 Index fell by 0.6%, the German DAX Index slumped by 1.1% and the UK's FTSE 100 Index plunged by 1.4%. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq , a 3.60-to-1 ratio favored decliners.
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The Japanese currency last traded at 109.07 yen to the dollar, compared to levels around the 110 handle seen earlier in the week. Crude oil futures are slipping USD0.10 to USD48.49 a barrel after tumbling USD0.97 to USD48.59 a barrel on Thursday.