Audio entertainment giant SiriusXM is investing $75 million in open audio platform SoundCloud and gets a minority stake and two board seats. Details:
Audio entertainment giant SiriusXM Holdings said Tuesday it has invested $75 million in open audio platform SoundCloud in return for a minority stake of an undisclosed size and two board seats.
SoundCloud said it would use the additional investment to "accelerate its product development and enhance the services that fuel its global community of creators and listeners." Together, SoundCloud and Pandora’s combined U.S. audience offering reaches more than 100 million unique listeners, creating the largest digital audio advertising marketplace, SiriusXM said on Tuesday.
"SoundCloud’s three consecutive years of strong financial performance directly reflect the success of our creator-led growth strategy,” said CEO Kerry Trainor. “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."
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