The New SoundCloud Could Look a Lot Like Vimeo

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Bloomberg then linked NY bank The Raine Group and Singapore's state investment fund Temasek to the company, reporting that both meant to pump money into SoundCloud. In 2016, the company raised $70 million from Twitter, according to Variety. Ljung will be replaced by Kerry Trainor (who also takes a seat on the board), former CEO of Vimeo. The newswire said that although the two new investment deals were separate, the new investors would between them control more than half of SoundCloud's stock.

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. His fellow co-founder Eric Wahlforss is named Chief Product Officer.

Last month we detailed the many, MANY problems with SoundCloud. Like Chance, many prominent musicians - notably in the electronic and hip-hop community - relied on the service to get their music out there. In a blog post, Ljung said about the deal, "You've told me how, without SoundCloud, there would be a giant gaping void in today's world of music".

The SoundCloud shutdown has had a last-minute reprieve, with a new financing round saving the popular podcast and music sharing site from its imminent demise. In other words, if the older investors don't approve of the new ones-or in other words, vote "yes"-SoundCloud is probably done for".

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They'll be managing a new cash injection courtesy of investors The Raine Group and Temasek.

"There is only one SoundCloud and its importance to creators and music culture is undeniable". For more information, visit: soundcloud.com.

The investment came with a major organizational change. Mike Weissman, also a former COO at Vimeo, will become the COO at SoundCloud. It was reported earlier this week that huge stakes of the company were set to be sold, however, meaning that SoundCloud may be able to keep operating.

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