Soundcloud saved by $170 million investment

SoundCloud plans to replace its CEO as part of a new funding deal

Music and audio streaming service SoundCloud says it has reached an agreement on a "significant investment" with merchant bank The Raine Group of NY and investment firm Temasek of Singapore.

As Billboard reports, merchant bank Raine Group has teamed up with Singapore-based investment company Temasek to fire over a $169.5 million United States dollars investment to SoundCloud. Also, Kerry Trainor will join SoundCloud as a CEO while Michael Weissman will become chief operating officer. Following that decision, SoundCloud CEO Alex Ljung has moved to directly reassured fans and investors on the company's blog.

The backing also brings some new faces to SoundCloud.

Despite headlines about SoundCloud's "demise" or "collapse", the music streaming company is apparently sticking around for a while longer.

"Financing of this size will enable to Company to pay off its remaining debt", says the Axios report, "while ensuring a strong, independent future".

Out of all music streaming services like Spotify, Apple Music and Pandora, SoundCloud actually has the largest listener base with 175 million. If SoundCloud did not receive the funding on Friday, the company faced imminent collapse as it ran out of cash.

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"You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music".

Earlier this year, Soundcloud underwent a huge series of budget cuts, laying off almost half its employees - some of whom had been hired less than a month prior.

If the funding isn't accepted, founder and chief executive Alexander Ljung has suggested the company would not be able 'to continue as a going concern'.

"There is only one SoundCloud and its importance to creators and music culture is undeniable". Many of those are hosted elsewhere, of course, but many aren't, as lots of artists use Soundcloud as their primary outlet for releasing and promoting material.

If the investment money doesn't come through, it could be hard for SoundCloud to recover.

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