Soundcloud will not be shutting down any time soon.
This year Soundcloud was facing a huge dilemma. Rumors were floating around that the music hub was going to be shut-down due to a lack of finances and at one point, only had 50 days left. While many people were trying to make a change to this, including Chance the Rapper, today Soundcloud announced that they will be staying alive and independent.
This morning, Soundcloud had a meeting that was rumored to ultimately make or break the companies existence as an online platform for musicians. While many were concerned, it turns out that a shift in CEO's and new investors will keep Soundcloud's services alive and well.
In a Billboard report, merchant bank The Raine Groupe and Singapore-based Temasek have teamed up to invest roughly $170 Million into keeping the music platform alive. In addition to the financial investments the company received, there will be shifts internally as well.
Co-founder of Soundcloud, Alexander Ljung, will be stepping down from his position as the CEO of the company but will remain as a chairman of Soundcloud's board and other co-founder, Eric Wahlforss will be the chief product officer.
Soundcloud's team will be joined by former Vimeo CEO, Kerry Trainer, as the new CEO and Michael Weissman will be the new COO of the company.
It's a great step forward. Alexander Ljung said to Billboard that with Trainer and Weissman on board, as well as the new capital and the investors, he's certain that Soundcloud will stay strong and independent as they move forward.