Big news from SoundCloud: The company has announced that Eliah Seton has been named Chief Executive Officer, effective immediately.
Seton succeeds Michael Weissman who joined SoundCloud in 2017, has served as CEO since 2021 and is “departing for a new opportunity,” according to the company.
Seton joined SoundCloud in 2021 as President, overseeing the Creator and Roster operating divisions as well as strategy, M&A, content partnerships, business development, and distribution and artist partnerships.
According to SoundCloud, in that role, he has been “instrumental in refocusing the business on deepening the relationship between its artists and fans through new economic models, products and tools”.
The company also announced that Fred Wilson, founder of Union Square Ventures and member of SoundCloud’s board since 2011, has been appointed as the new chairman of the board.
Wilson succeeds SoundCloud Founder Alexander Ljung who served as CEO from 2007-2017 and chairman from 2017-2022.
Ljung, whose decision to step back as chairman was “motivated by a desire to spend more time on new projects”, according to SoundCloud, will assume a new role as Chairman Emeritus of the SoundCloud board. He will continue to serve as a board member and will also remain closely engaged and available to the company’s management team and employees going forward.
The leadership and board changes come on the heels of a year during which Seton oversaw the launch of Fan-Powered Royalties (FPR) and the first-ever major label license on FPR with Warner Music Group, the acquisition of AI machine-learning music tech company Musiio, an artist development joint venture with Quality Control’s Solid Foundation and the launch of SoundCloud for Artists, among other highlights.
Update: It was announced on the same day (March 9) that ForgeLight LLC, a holding company focused on investing in and operating companies in the media and consumer technology sectors, has appointed Michael Weissman as Partner, effective immediately.
According to a press release, Weissman will help oversee the company’s second investment platform, which is expected to be announced soon.
“I have served on SoundCloud’s board for more than a decade and can honestly say that I have never been more excited about the direction and leadership of the company.”
Fred Wilson said: “I have served on SoundCloud’s board for more than a decade and can honestly say that I have never been more excited about the direction and leadership of the company. Eliah’s passion for the business of music, relationships and vision are exactly what is needed for the next phase of SoundCloud’s growth.
“On behalf of the board, I want to thank Mike for his leadership, dedication and partnership over the past several years and welcome Eliah to this new role.”
“As the only platform with direct relationships with artists and fans at scale, SoundCloud has a singular opportunity to forge the future of the music industry by unlocking the full power of fandom.”
Seton added: “As the only platform with direct relationships with artists and fans at scale, SoundCloud has a singular opportunity to forge the future of the music industry by unlocking the full power of fandom.
“I am grateful to Mike for our partnership, to Fred and the board for their confidence and thrilled to work alongside our incredible leadership team to realize that vision.”Music Business Worldwide