SoundCloud, a Stockholm, Sweden-based open audio platform, received a $75m investment from U.S. audio entertainment company SiriusXM Holdings Inc. (NASDAQ: SIRI).
The company intends to use the funds to accelerate its product development and enhance its services for its global community of creators and listeners.
The investment follows the 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, the two companies’ combined U.S. audience offering reaches more than 100 million unique listeners, creating a large digital audio advertising marketplace. Under the terms of the deal, the SoundCloud Board of Directors will expand to include two individuals designated by SiriusXM.
Founded in 2007 by Kerry Trainor, Chief Executive Officer, SoundCloud is a open audio platform, powered by a connected community of creators, listeners, and curators. The platform provides creators with tools, services, and resources to build and grow their careers. It has over 200 million tracks from 25 million creators heard in 190 countries.
Led by Jim Meyer, Chief Executive Officer, Sirius XM Holdings Inc. (NASDAQ: SIRI) is an audio entertainment company and a platform for subscription and digital advertising-supported audio products. Pandora, a subsidiary of SiriusXM, is an ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora together reach more than 100 million people each month with their audio products. The company, through Sirius XM Canada Holdings Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers and directly to consumers through aftermarket devices.