Sirius XM Invests $75M In SoundCloud

SiriusXM Holdings Inc. SIRI announced on Tuesday it has invested $75 million in SoundCloud.

SoundCloud already has a relationship with Pandora, which SiriusXM bought in 2019. This latest agreement will enable advertisers and brands to purchase SoundCloud's U.S. ad inventory directly through Pandora, targeting data, and audio programmatic platform. SoundCloud and Pandora's combined U.S. audience aims to reach more than 100 million unique listeners.

SoundCloud is a creator-driven platform that allows creators to share their audio with the world. Artists including Billie Eilish, Post Malone, Bad Bunny, Khalid, Lil Tecca– have used SoundCloud.

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"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," said Jim Meyer, CEO of SiriusXM. "We admire SoundCloud's loyal and growing audience, its offering for creators, and its reputation and popularity in global music communities.”

Sirius XM shares closed up 1.27% at $7.20 on Monday. The stock has a 52-week high of $7.30 and a 52-week low of $5.23.