Satcaster SiriusXM continues to explore other areas of media. This time it has announced a $75 million investment in audio portal/platform SoundCloud.
According to a release, “SoundCloud will use this additional investment to accelerate its product development and enhance the services that fuel its global community of creators and listeners.”
SoundCloud in the past has worked with internet audio streamer Pandora, a subsidiary of SiriusXM.
SoundCloud Chief Executive Officer Kerry Trainor said, “We’ve built a great relationship with SiriusXM through our highly successful Pandora ad sales agreement, and their investment gives us added capital flexibility to accelerate our vision and take advantage of strategic opportunities as they arise.”
