He will be replaced by former Vimeo chief executive Kerry Trainor, who is now an advisor with Private Equity outfit KKR — indicating another round of cost-cutting or a possible sale lies ahead.
EARLIER/Fri Aug 11 : A leaked memo to shareholders suggests Soundcloud will go bust if it fails to raise funds by the end of Friday (Saturday, New Zealand time).
In the memo, Soundcloud chief executive Alexander Ljung suggests his company would not be able "to continue as a going concern" if the series F proposal is rejected (if accepted, the money will be used to pay-down debt).
Media reports variously said it had enough cash to last 50 or 100 days (in a statement, SoundCloud said it could remain liquid until the fourth quarter on current funding).
But like struggling rivals Pandora and Spotify, Go faces strong and growing competition from Amazon, Apple and Google, all of whom have deep pockets.
- Soundcloud survives money scareBBC News
- SoundCloud closes critical new funding round, Vimeo's Kerry Trainor steps in ...VentureBeat
- SoundCloud gets new life with fresh $170 million investmentSFGate
- SoundCloud Saved By The Bell Of A Big Chunk Of FinancingNPR
- SoundCloud Gets New Investment Round, Lives to Stream Another DayMotherboard
- The 'Lucifer' Heatwave in Europe Is Reportedly Fuelling Terrifying Wasp AttacksMotherboard
- Investors rescue embattled SoundCloud with $170 million lifelineArs Technica
- SoundCloud saved by emergency funding as CEO steps asideTechCrunch
- SoundCloud lives onUSA TODAY