SoundCloud’s singing a new song after investors inject emergency cash
SoundCloud’s singing a new song after investors inject emergency cash
Online audio platform SoundCloud, a favorite of indie musicians, has been struggling to stay afloat financially. Last month, it laid off 40 percent of its staff, and the company has been urgently seeking a reported $170 million cash injection to keep going. Today it got that emergency investment approved by shareholders. As part of that deal, the CEO of video streaming service Vimeo will now lead SoundCloud. So it lives to see another day. But why is it that a company with more than 175 million monthly users can’t make money?
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