Soundcloud, who have long been an important player in streaming has secured a lifeline with $169.5 million investment.
Soundcloud stays in the streaming game with a lifesaving cash injection, much to the relief of audio creators and consumers the world over.
The streaming service secured the support of merchant bank, the Raine Group and Singapore-based investment group, Temasek.
There will be changes though, with long-term CEO Alexander Ljung becoming Chairman of the Board and Kerry Trainor filling the CEO role.
According to its blog, Soundcloud will have a “strong, independent future” which seems to be in keeping with investments by the Raine Group, who have partnered with Vice Media, Imagine Entertainment and Lollapalooza among others.
Via Fact Mag.