SoundCloud secures $75m investment from Sirius XM
The Pandora owner invests in SoundCloud after positive results from 2019
SoundCloud has announced that it's received a $75m investment from Sirius XM, one of America's biggest radio station and online streaming conglomerates. The investment comes off the back of a strong performance in 2019, which saw SoundCloud's revenue reach over $200m, having turned over $108m just one year previous.
SoundCloud says the investment will "accelerate its product development and enhance the services that fuel its global community of creators and listeners”. SoundCloud CEO Kerry Trainor also said, "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."
Back in 2018, Pandora – owned by Sirius XM – and SoundCloud merged their advertisement sales relationship that saw targetting data, ad production and programming now run by the Sirius XM team, The move saw SoundCloud's ad revenue grow by 37.4%.
