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SoundCloud secures new investment - and gets a new CEO

SoundCloud secures new investment - and gets a new CEO

If the proposal is accepted, then a new cash infusion ($169.5 million at a $150 million valuation prior to the investment) from boutique merchant bank The Raine Group and Singapore's state investment firm Temasek will close tomorrow.

One source familiar with the investment said it amounted to around $170 million (144 million euros), as reported on Thursday by online news site Axios, which had obtained the deal's term sheet. Current CEO and SoundCloud cofounder Alex Ljung will be replaced by former Vimeo chief executive Kerry Trainor, while another ex-Vimeo employee, Michael Weissman, was appointed the COO of SoundCloud.

Amid rumours music streaming service SoundCloud was facing termination, chairman and founder Alexander Ljung claimed in a blog that "SoundCloud is here to stay" after the company secured much needed funding.

Ljung will continue to serve as chairman, and co-founder Eric Wahlforss will stay with SoundCloud as chief product officer.

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The announcement also included some new figures: SoundCloud says its total revenue has "more than doubled, to a more-than $100m annual run-rate this year", while its catalogue has now increased to more than 160m tracks. A spokeswoman for SoundCloud said last month it remained fully funded into the fourth quarter, while declining to comment on what lay beyond.

"The investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators", said a representative for SoundCloud. It is supported partly by advertising, with only a small chunk of listeners paying fees. The company launched a subscription music service a year ago, but that didn't generate enough revenue to avoid last month's layoffs.

I'm excited to also announce that this new partnership also brings talent to our SoundCloud family.


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