When Chance The Rapper won his Best Rap Album GRAMMY Award in February he said, "Shout out to SoundCloud for holding me down." And when fans worldwide worried the service might close down for lack of funds a month ago, it was Chance who spoke with founder/CEO Alexander Ljung and assured worriers that, "SoundCloud is here to stay."
Now, new money and new executives are making good on the rapper's promise.
On Aug. 11 SoundCloud announced a major investment from The Raine Group and Temasek estimated at $170 million. A new CEO and COO are coming onboard from Vimeo to help guide the firm's financial future. SoundCloud's incoming CEO Kerry Trainor said, "There is only one SoundCloud and its importance to creators and music culture is undeniable." So he gets it.
SoundCloud asserts it's surpassed doubled revenue to more than $100 million for the year, and trends and stats are up or "at all-time highs." Hardly the only beloved streaming service fighting for its survival, SoundCloud's commitment to staying afloat has carry-on benefits not only for all the artists and fans who rely on it but for all of us, thanks to the new talent SoundCloud helps emerge.
Ljung will relinquish his CEO role to Trainor and will turn his focus to long-term growth in SoundCloud's second decade as Chairman of the Board.
"SoundCloud, just like music, will continue to evolve, but importantly, both will always be a key part of life," blogged Ljung.
