SoundCloud secures $75m investment from Pandora owner SiriusXM
SoundCloud has just announced that it has secured $75 million investment from SiriusXM – which, remember, acquired another leading music streaming platform, Pandora, last year in a $3.5bn all-stock transaction. US-based Sirius’s investment in SoundCloud comes three years after the latter company attracted $170m in investment from Raine Group and Temasek – and three weeks after revealed that SoundCloud had posted a $200m annual revenue run-rate in the final months of 2019. U.S-based SiriusXM will take a minority stakeholding in SoundCloud as a result of the $75m investment. SoundCloud says it will use this additional investment to “accelerate its product development and enhance the services that fuel its global community of creators and listeners”. “SoundCloud’s three consecutive years of strong financial performance directly reflect the success of our creator-led growth strategy,” said Kerry Trainor, Chief Executive Officer, SoundCloud. “We have an exciting roadmap f...