SiriusXM Invests $75 Million into SoundCloud to "Accelerate its Product Development"
Long gone are the days that SoundCloud was at the mercy of investors simply to remain afloat. The streaming service recently posted an annual revenue run rate of $200 million for the first time in history, and broadcasting giant SiriusXM is giving it $75 million more to "accelerate its product development."
The news comes roughly a year after SiriusXM acquired Pandora, another music streamer, in a $3.5 billion all-stock transaction. According to SoundCloud CEO Kerry Trainor, his company's relationship with SiriusXM came about through an ad sales agreement with Pandora.
SoundCloud's road to solvency hasn't been an easy one. After several rounds of emergency fundraising, the company parted ways with its co-founder and CEO, Alex Ljung, in 2017. The company reported 2018 revenue figures of $127 million and losses of only $38.7 million.
SoundCloud has not made any official statements indicating how the investment capital will be allocated. Meanwhile, the platform has made headlines for strategic software and hardware integrations with companies like Pioneer DJ and Native Instruments.
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