FMOD Debian libfmod.so.8: cannot open shared object file: No such file or directory

I'm trying to install and validate fmod on my raspberry pi 1 model b with debian by running the provided example program play_stream. The compilation works fine however when I try to run the built executable it fails with the error

error while loading shared libraries: libfmod.so.8: cannot open shared object file: No such file or directory

I'm unsure of what i'm doing wrong. Any help or advice you can provide would be great

My set up:

~/fmodstudioapi10813linux/api/lowlevel/examples/make $ make --file play_stream.makefile CONFIG=Debug CPU=arm

~/fmodstudioapi10813linux/api/lowlevel/examples/make $ ./play_stream

./play_stream: error while loading shared libraries: libfmodL.so.8: cannot open shared object file: No such file or directory

~/fmodstudioapi10813linux/api/lowlevel/lib/arm $ ls /usr/local/lib/

libfmodL.so libfmodL.so.8 libfmodL.so.8.13 libfmod.so libfmod.so.8 libfmod.so.8.13

~ $ ls /usr/local/include/

fmod_codec.h fmod_common.h fmod_dsp_effects.h fmod_dsp.h fmod_errors.h fmod.h fmod.hpp fmod_output.h node

~ $ env | grep '^LD_LIBRARY_PATH'

LD_LIBRARY_PATH=:/usr/local/lib:/home/pi/fmodstudioapi10813linux/api/lowlevel/lib/arm

~/fmodstudioapi10813linux/api/lowlevel/examples/make $ ldd play_stream

/usr/lib/arm-linux-gnueabihf/libarmmem.so (0xb6faf000)
libfmod.so.8 => not found
libstdc++.so.6 => /usr/lib/arm-linux-gnueabihf/libstdc++.so.6 (0xb6ec0000)
libm.so.6 => /lib/arm-linux-gnueabihf/libm.so.6 (0xb6e45000)
libgcc_s.so.1 => /lib/arm-linux-gnueabihf/libgcc_s.so.1 (0xb6e18000)
libpthread.so.0 => /lib/arm-linux-gnueabihf/libpthread.so.0 (0xb6df0000)
libc.so.6 => /lib/arm-linux-gnueabihf/libc.so.6 (0xb6caf000)
/lib/ld-linux-armhf.so.3 (0x7f56d000)

~/fmodstudioapi10813linux/api/lowlevel/examples/make $ echo $LD_LIBRARY_PATH :/usr/local/lib:/home/pi/fmodstudioapi10813linux/api/lowlevel/lib/arm

**~/fmodstudioapi10813linux/api/lowlevel/examples/make $** readelf -d play_stream

Dynamic section at offset 0x420c contains 30 entries:
  Tag        Type                         Name/Value
 0x00000001 (NEEDED)                     Shared library: [libfmod.so.8]
 0x00000001 (NEEDED)                     Shared library: [libstdc++.so.6]
 0x00000001 (NEEDED)                     Shared library: [libm.so.6]
 0x00000001 (NEEDED)                     Shared library: [libgcc_s.so.1]
 0x00000001 (NEEDED)                     Shared library: [libpthread.so.0]
 0x00000001 (NEEDED)                     Shared library: [libc.so.6]
 0x0000000f (RPATH)                      Library rpath: [$ORIGIN/../../../lowlevel/lib/arm/]

Run ldd play_stream and echo $LD_LIBRARY_PATH.