SoundCloud Gets New Life With Fresh $170 Million Investment
- Co-founder Alex Ljung steps down as CEO amid funding trouble
- Former head of Vimeo video service Kerry Trainor takes over
SoundCloud Ltd., the popular but financially strapped digital music service, is getting a lifeline from new investors who have agreed to pump $170 million into the company. Bloomberg's Lucas Shaw reports on 'Bloomberg Technology.' (Source: Bloomberg)
SoundCloud Ltd., the popular but financially strapped digital music service, is getting a lifeline from new investors who have agreed to pump $170 million into the company.
The new investment keeps the Berlin-based company alive but comes with strings attached. SoundCloud Chief Executive Officer Alex Ljung is being replaced by Kerry Trainor, the former head of the online video service Vimeo. The company is also shifting its business strategy, to focus on selling more tools for artists, podcasters and other content creators to share material online.