SIRIUS XM INVESTS IN SOUNDCLOUD

SiriusXM has invested $75m in SoundCloud for the open audio platform to develop and enhance its services. SiriusXM will now get two seats on the SoundCloud Board of Directors.

SoundCloud and SiriusXM subsidiary Pandora already have an ad sales relationship, which began last year, that allows advertisers and brands to purchase ad inventory directly through Pandora for SoundCloud.

Sirius XM CEO Jim Meyer said "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… We believe this is another opportunity to continue creating value for SiriusXM stockholders by investing in expanding digital audio platforms."

SoundCloud reported all-time highs for platform engagement, creators heard, subscribers and revenue in 2019.

“Their investment gives us added capital flexibility to accelerate our vision and take advantage of strategic opportunities as they arise," SoundCloud CEO Kerry Trainor said.