SiriusXM Builds on Pandora-SoundCloud Relationship With $75 Million Infusion

SiriusXM invested $75 million in open audio platform SoundCloud, which will use the funding to accelerate product development and boost services for its creator and listener communities, said the companies Tuesday. SoundCloud CEO Kerry Trainor said the additional capital will allow it to strengthen connections between creators and listeners. SiriusXM CEO Jim Meyer referenced SoundCloud's role in helping artists become discovered and build a fan base: "We admire SoundCloud's loyal and growing audience, its offering for creators, and its reputation and popularity in global music communities.” An ad agreement between SoundCloud and Sirius' Pandora streaming platform signed in 2018 (see 1810030046) allows advertisers and brands to buy SoundCloud's U.S. ad inventory directly through Pandora. SoundCloud and Pandora's combined U.S. audience offering reaches more than 100 million unique listeners, they said.