Music streaming service Soundcloud will live on after securing a reported $170m (£135m) in investment.
The platform, popular with emerging artists, faced closure if the new funding was not approved by Friday. "Soundcloud is here to stay,” wrote Alexander Ljung, the company’s chairman, who as part of the deal is stepping down as the firm's chief executive.
Concerned users had been backing up their Soundcloud uploads, worried the site would go offline. Its highest profile user, Chance the Rapper, has been vocal in supporting the site. In July, the Berlin-based company laid off 40% of its workforce, a total of 173 people. In a note circulated to shareholders earlier this week (obtained by Axios) Mr Ljung said without the money Soundcloud would not be able “to continue as a going concern”.
By Friday, things were looking up. "This financing means Soundcloud remains strong and independent,” Mr Ljung wrote in a blog post.
Anybody else here use Soundcloud? I host some of my ambient stuff on there.