SoundCloud and SiriusXM Holdings Inc. announced today that the latter has invested $75 million in the online streaming platform. SoundCloud will use this additional investment to accelerate its product development and enhance the services that fuel its global community of creators and listeners.
“SoundCloud’s three consecutive years of strong financial performance directly reflect the success of our creator-led growth strategy,” said Kerry Trainor, Chief Executive Officer, SoundCloud. “We have an exciting roadmap focused on deepening the connections between creators and listeners that fuel creator discovery, career growth and the evolution of music culture on SoundCloud. We’ve built a great relationship with SiriusXM through our highly successful Pandora ad sales agreement, and their investment gives us added capital flexibility to accelerate our vision and take advantage of strategic opportunities as they arise.”
READ MORE: SoundCloud Posts Record Revenue After Years Of Consumer Uncertainty
“SoundCloud’s unique platform serves a vital role in today’s music ecosystem where new artists are discovered and build their fan base, and established artists experiment and connect directly with their fans in highly effective ways,” said Jim Meyer, Chief Executive Officer of SiriusXM. “We admire SoundCloud’s loyal and growing audience, its offering for creators, and its reputation and popularity in global music communities. We believe this is another opportunity to continue creating value for SiriusXM stockholders by investing in expanding digital audio platforms.”
The minority investment follows the highly successful ad sales relationship between SoundCloud and Pandora, a subsidiary of SiriusXM, which started in 2019. The agreement enables advertisers and brands to purchase SoundCloud’s U.S. ad inventory directly through Pandora, leveraging the company’s direct sales capabilities, targeting data, and audio programmatic platform. Together, SoundCloud and Pandora’s combined U.S. audience offering reaches more than 100 million unique listeners, creating the largest digital audio advertising marketplace.
Under the terms of the agreement, SiriusXM has purchased $75 million of securities for a minority investment, and the SoundCloud Board of Directors will expand to include two individuals designated by SiriusXM.
via press release
This article was first published on Your EDM. Source: SoundCloud Announces $75 Million Investment from Sirius XM
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