Done deal: SoundCloud expands and gets whopping $75 million investment

Done deal: SoundCloud expands and gets whopping $75 million investment

- SoundCloud has partnered with SiriusXM to focus on product development and the release of new businesses

- SoundCloud was worth an estimated $500 million in the year 2019, according to PitchBook, a data research company

- SiriusXM noted that the deal could potentially serve an audience of about 100 listeners

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European music streaming company, SoundCloud, has sealed a deal with satellite radio business, SiriusXM, which owns streaming giant, Pandora.

Sound Cloud, which is often referred to as the ‘YouTube’ of audio, has an ad partnership which would focus on product development and the launch of new services.

Data research company, PitchBook, reports that SoundCloud was last valued at $500 million about three years ago, Briefly.co.za gathered.

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Done deal: SoundCloud expands; gets $75 million investment from Pandora owner SiriusXM

Source: techcrunch
Source: UGC

Per a report by techcrunch.com, SiriusXM describes the deal as a minority investment that is related to the ad partnership in which Pandora resells SoundCloud’s inventory on its programmatic platform.

According to SiriusXM, the deal is unique because it brings together two companies that would serve an audience of about 100 million unique listeners.

In the fourth quarter of 2019, Sound Cloud hit a revenue run-rate of $200 million for the first time.

Industry experts have stated that the deal with SiriusXM is a positive development for SoundCloud and could represent a reversal of fortunes for the business.

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Source: Briefly.co.za

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