SoundCloud Survives Do-Or-Die Vote
Looks like all the music is safe!
Remember when Eminem rapped, "Keep your nose because here goes the cold water?" Well, to SoundCloud, today the water was looking cold as ice. But after wrapping the largest funding round in the history of the company, it seems that the platform isn't going anywhere.
As I said @SoundCloud is here to stay. I am very excited to announce that we are ready and strong for the decade II. https://t.co/c78jEy9ubz
— Alexander Ljung (@alexanderljung) August 11, 2017
A vote by interested parties of the company could have been the last nail in the coffin of the music of the giants, one of which helped artists such as Post Malone, Bryson Tiller and the Possibility that The Rapper found fame. The future of the company hangs in the balance from last month, but Ljung was confident in his survival.
"SoundCloud is not going to disappear. Not in 50 days, not 80 days, or at any time in the foreseeable future. Your music is safe," SoundCloud CEO Alex Ljung wrote in the site of transmission of the blog for more than a month after that, apparently, was rescued by Chance The Rapper.
As it turns out, the celebration was a bit premature.
According to The Observer of the Industry, the transmission of the giant's saving grace was actually the result of new investment from Raine Group and Temasek for a combined total of $169.5 million. But your "saving grace" still needs to be voted on by the existing shareholders on Friday (11 August). Fortunately for the millions of users around the world, the result was positive.
"I am happy to announce that, together with the investors of The Raine Group and Temasek have been involved in the largest funding round in the history of SoundCloud," Ljung wrote in his blog. "This funding means SoundCloud continues to be strong, independent and here to stay. As I said, we're not going anywhere."
So, why not the vote of a no-brainer? As explained in The Industry of the Observer report, this "rescue" caused initial