SiriusXM has invested $75 million in SoundCloud. The SoundCloud Board of Directors will expand to include two individuals designated by SiriusXM.
The minority 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.
SirusXM CEO James Meyer said, “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. 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.”