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Soundcloud Fails To Make Ends Meet

Recently, the music streaming service Soundcloud has face difficulties regarding new funding that was yet not approved by the investors. The artists are getting anxious and backing up their Soundcloud uploads.

The company’s chairman, Alexander Ljung who was as part of the deal is stepping down as the firm’s chief executive wrote, “Soundcloud is here to stay”.

One of the highest profile users, named Chance the Rapper, has been vocal in supporting the site.

Apparently, in July 173 people which was almost 40% of the total workforce were laid off from a Berlin based company.

Mr. Ljung, “This financing means Soundcloud remains strong and independent. Over the last few weeks, I’ve been moved by the outpouring of commentary around Soundcloud’s unique and crucial role in driving what global culture is today (and what it will become tomorrow).

You’ve told me how, without Soundcloud, there would be a giant gaping void in today’s world of music. We can’t have that, and I’m happy to once again say that won’t be happening.”

The company will see considerable changes in leadership. Mr. Ljung will be replaced as chief executive by Kerry Trainor, the former boss of video-sharing site Vimeo.

Mike Weissman, also formerly at Vimeo, will become Soundcloud’s chief operating officer. Soundcloud will now need to look at reducing costs and doing more to monetize the service which, according to the firm’s latest publicly available figures, has more than 40 million users.

The firm’s money problems have been well-documented – with its valuation dropping considerable from a high of $700m in 2014. In September, acquisition talks with Spotify failed to materialize.

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