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.
Check out the best Soundcloud to MP3 converters.
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