The saga of Soundcloud appears to have taken a turn for the positive as they appear to have received $169.5 million dollars from merchant bank The Raine Group and investment firm Temasek. Along with this deal, however, come changes to the board with co-founder and CEO of the company Alexander Ljung being usurped for former Vimeo CEO Kerry Trainor. Ljung will still lead on as chairman, but Trainor will also be bringing former Vimeo colleague Michael Weissman with him to take a role as SoundCloud’s chief operating officer, while Ljung’s co-founder Eric Wahlforss is staying on as chief product officer.
What is most interesting is that the investment puts Soundcloud’s value at $150 million, which is a far cry from when the founders claimed the company was worth $1 billion. In addition to the announcement, SoundCloud says its total revenue has “more than doubled, to a more-than $100m annual run-rate this year”, while its catalog has now increased to more than 160m tracks. Hopefully, these changes will bring stability to Soundcloud, but only time will tell.
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