THR is reporting that SiriusXM Holdings has said that it invested $75 million in SoundCloud in return for a minority stake of an undisclosed size and two board seats.
This comes just one year after SiriusXM, which is controlled by John Malone’s Liberty Media, bought music streaming service Pandora.
SoundCloud has 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.”
SoundCloud and Pandora boast of reaching more than 100 million unique listeners in the United States, creating the largest digital audio advertising marketplace, SiriusXM said Tuesday.
SoundCloud, which offers a free and an ad-free $9.99 a month service for listeners, as well as various service tiers for creators that cost $6 to $16 per month, said it set all-time highs for engagement, creators heard, subscribers and revenue in 2019.
The company mentioned it for the first time reached a $200 million “forward revenue run-rate” in the fourth quarter. The improvements came after SoundCloud in 2017 faced an uncertain future before securing a $169.5 million round of funding from the likes of Raine Group and Singapore-based investment company Temasek, along with a new executive team.
“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 road map focused on deepening the connections between creators and listeners that fuel creator discovery, career growth and the evolution of music culture on SoundCloud.”
“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, CEO 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 Raine Group served as financial adviser to SoundCloud, with Morrison & Foerster serving as its legal counsel. Allen & Co. served as financial advisor to SiriusXM, with Weil, Gotshal & Manges LLP being the legal counsel.
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This comes just one year after SiriusXM, which is controlled by John Malone’s Liberty Media, bought music streaming service Pandora.
SoundCloud has 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.”
SoundCloud and Pandora boast of reaching more than 100 million unique listeners in the United States, creating the largest digital audio advertising marketplace, SiriusXM said Tuesday.
SoundCloud, which offers a free and an ad-free $9.99 a month service for listeners, as well as various service tiers for creators that cost $6 to $16 per month, said it set all-time highs for engagement, creators heard, subscribers and revenue in 2019.
The company mentioned it for the first time reached a $200 million “forward revenue run-rate” in the fourth quarter. The improvements came after SoundCloud in 2017 faced an uncertain future before securing a $169.5 million round of funding from the likes of Raine Group and Singapore-based investment company Temasek, along with a new executive team.
“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 road map focused on deepening the connections between creators and listeners that fuel creator discovery, career growth and the evolution of music culture on SoundCloud.”
“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, CEO 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 Raine Group served as financial adviser to SoundCloud, with Morrison & Foerster serving as its legal counsel. Allen & Co. served as financial advisor to SiriusXM, with Weil, Gotshal & Manges LLP being the legal counsel.
📎 The key is : Learn how to BE HAPPY BY YOURSELF FIRST. Because a human being that is happy on his/her own will never settle to be miserable with someone else. When you find happiness on your own then you will be able to spread it and share it with someone else. #jaiyeorie ... CRITIC ALSO 🖋️ spill TEA ☕ Easy on Shade 💣
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