[Updated] SoundCloud Shareholders Give Founders an Ultimatum: Report

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The drama that is the future of SoundCloud seems to be heading to a pivital moment. In July the music streaming platform shed 3 percent of staff (143 workers) and closed its London and San Francisco office.

After TechCrunch reported that the company was almost out of cash, co-founder and CEO Alexander Ljung took to the company’s blog and declared, “There’s an insane amount of noise about SoundCloud in the world right now. And it’s just that, noise. The music you love on SoundCloud isn’t going away, the music you shared or uploaded isn’t going away, because SoundCloud is not going away. Not in 50 days, not in 80 days or anytime in the foreseeable future. Your music is safe…. SoundCloud is here to stay.”

But according to a memo sent to shareholders by Ljung, and published by Axios, if shareholders don’t accept the reorganization proposal by the end of Friday, the streaming service could cease to “continue as a going concern.” If they agree, Soundcloud gets its new investment: $169.5 million at a pre-money enterprise valuation of $150 million.

According to the memo, “Financing of this size will enable to Company to pay off its remaining debt, while ensuring a strong, independent future… In the event that the transaction does not close and in the vent SoundCloud does not otherwise obtain additional funding, based on current cashflow forecasts, SoundCloud faces liquidity concerns in the near term.”

More on this story as it develops.

UPDATE [August 12] SoundCloud has secured financing in order to stay afloat, according to a blog post on the company’s website. CEO Alex Ljung will step aside though remain chairman as former Vimeo CEO Kerry Trainor replaces him. Mike Weissman will become COO as SoundCloud co-founder and CTO Eric Wahlforss stays as chief product officer. New York investment bank Raine Group and Singapore’s sovereign wealth fund Temasek have stepped in to lead the new Series F funding round of $169.5 million.

Tunnel Signs August 2017 Chart

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  1. Tunnel Signs – Carbonate (Willie Burns Remix) (Samo Records)
  2. Cute Heels – The Rhythm and the Pleasure (NYC Club Mix) (Synthicide)
  3. Laila Sakini & Lucy Van – False Ceiling (Purely Physical)
  4. Factory Floor – Relay (Charles Manier Remix) (DFA)
  5. ForcesI – Don’t Run (Fleisch)
  6. Cowboy Rhythmbox – Tanz Exotique (Phantasy)
  7. Mytron & Ofofo – Something For The Mind (For Discos Only)
  8. Boxcar – Vertigo (K-Effect Remix) (Volition)
  9. Face – Statue (Cin Cin)
  10. Moderna Y Theus Mago – Tecno Misógino (Bufi Remix) (La dame Noir)

DJs, submit your top 10 chart along with a photo and we’ll publish.

Premiere: “Kitty Klap” feat. TT the Artist & Sir JoQ (MikeQ Remix)

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San Francisco party posse Swagger Like Us have been promoting their queer hip-hop and club music influenced dance party in the Bay Area (and more recently NYC) since 2012. Founded by Kelly Lovemonster and DJ/producer davOmakesbeats, the soiree continues to shine the spotlight on underground performers, DJs, and hosts.

With their ear locked to the ground, SLU have launched Molly House Records, a label dedicated to releasing party-perfect tracks by queer artists, many of whom have performed at their events.

Ahead of the release of their Summer in Brooklyn party taking place on August 13 at The Rosemont featuring Cakes da Killa, davOmakesbeats, and Anthony Dicap, we’re pleased to world premiere “Kitty Klap” remixed by New Jersey tour de force MikeQ, a notable purveyor of ballroom/vogue-house culture who helms Qween Beat Records. His wicked bass-driven re-rub is culled from Molly House Volume 1 (Deluxe Edition).

Says co-founder davOmakesbeat of the remix, “MikeQ was such an obvious choice to remix ‘Kitty Klap’ for me. I wanted to keep the integrity of the vogue scene and culture that is referenced in the track by Bay Area vogue dancer/vocalist Sir JoQ. So what better way than to get the ballroom legend himself.”

Hit the play button below and enjoy.

Mark Broom August 2017 Chart

Mark Broom Beard Man

  1. Taken – “Cluster” (Skudge)
  2. Pfirter – “They Want To Fool Us (Stanislav Tolkachev Remix)” (MindTrip)
  3. Kuf – “Sport” (Float)
  4. Nihad Tule – “Drags” (Norrkoping Techno City)
  5. Landside – “Signs of Change (Robert Hood Remix)” (Just This)
  6. Avision – “That’s My Sh*t” (Beard Man)
  7. Truncate – “Modify V2” (Truncate)
  8. Psyk – “Sideral” (Semantica)
  9. Discrete Circuit – “Road Force” (Ashtray)
  10. A Silver Mt. Zion – “Angels Standing Guard ‘Round The Side Of Your Bed” (Constellation)

DJs, submit your top 10 chart along with a photo and we’ll publish.

NYC DJ Legend Nicky Siano Urges Boiler Room Boycott

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New York City DJ legend Nicky Siano, whose career behind the decks dates back to spinning at Studio 54, ripped music broadcaster Boiler Room a new one on a now deleted Facebook post on Sunday. What began as a health update to his followers ended in a tirade about a gig gone wrong.

“Oh and FUCK BOILER ROOM those lying assholes,” wrote Siano, who will make his debut at Ministry of Sound in London on August 19.

“3 or 4 years ago they had me pick out a venue, order a sound system, invite co DJ’s AND invite my friends, then they canceled with out telling e and they refused to return my phone calls, I sued one of them and they settled, now I am ready to consider a new lawsuit against those assholes who have fucked over more then 2 major DJ’s I know, DO NOT SUPPORT BOILER ROOM IN ANY WAY! And if u have a problem with them stand up! Go public!”

Siano, who played a Boiler Room set in 2015, later posted a shorter diss. It wasn’t entirely clear what prompted him to lash out on his past dealings with Boiler Room, but it sure made for entertaining reading!

Loreto 5 Tracks of the Moment

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Lisbon-based house/techno producer Loreto embarked on a musical path early on in his life. Like many of his peers he began DJing at a young age and scored choice gigs and residencies at the start of his career. After deciding not to pursue full-time, he went on to study marketing and publicity in college. He couldn’t shake his desire to make music so he enrolled in Berklee College of Music in Boston, an experience that gave him a renewed sense of purpose and creativity.

Cut to the present and Loreto has just released his thoroughly compelling Stranger EP on Lisbon Bunker. It’s a formidable two-tracker comprised of “Stranger” (an exigent storm of ominous, techy beats and meandering synth lines) and “Tension” (a cinematic rush of evocative synths and grooves).

Impressed by his style, we connected with Loreto and asked him to tell us about five tracks that are currently dominating his DJ sets.  Continue Reading