Things are looking up for SoundCloud - users can no longer fear losing material and its business as usual for the streaming platform.
In July 2017, SoundCoud was forced to let go of 40% of its staff to cut down on costs. Despite this downsize, the platform still faced closure before a New York-based merchant bank The Raine Group and a Singapore-based investment company Temasek gave the platform new funding.
"SoundCloud is here to stay,” wrote Alexander Ljung, the company’s chairman and co-founder, who is stepping down from his role as CEO.
In a blog post, Ljung assured concerned users the site wasn’t going offline.
“Over the last few weeks, I’ve been moved by the outpouring of commentary around SoundCloud’s unique & crucial role in driving what global culture is today (and what it will become tomorrow). You’ve told me how, without SoundCloud, there would be a giant gaping void in today’s world of music. We can’t have that, and I’m happy to once again say that won’t be happening."
The platform’s co-founder also shared what this investment meant.
“This financing means SoundCloud remains strong, independent and here to stay”.
“SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life,” Ljung wrote.
Meanwhile, along with the new investment comes a new restructuring of the leadership of the company; former Vimeo executives Kerry Trainor and Michael Weissman stepping in as the new CEO and COO (respectively). Eric Wahlfross who is also a co-founder of the streaming site remains chief product officer.