As speculated earlier this week, SoundCloud has secured a large sum of investment from The Raine Group and Temasek.
Not only that, but founder Alexander Ljung has been moved to Chairman of the Board, while Kerry Trainor, former CEO of Vimeo, replaces him as the new Chief Executive Officer. In addition, veteran digital media operator Michael Weissman, former COO of Vimeo, will join the team as Chief Operating Officer.
The company states, “the investment will ensure a strong, independent future for SoundCloud, funding deeper development and marketing of its core tools used by millions of audio creators—musicians, DJs, producers, labels, managers and podcasters—that fuel SoundCloud’s one-of-a-kind, creator-driven listener experience. ”
We may not see changes right away, but we can assume that this is a step in the right direction for SoundCloud. Read the company’s full statement here.