Just a few years ago, SoundCloud was on the verge of disappearing. The online platform visited by that millions in search of new music almost vanished, but after solid work and impressive growth, the streaming service has some big news.
This week, SoundCloud announced a massive $75 million investment from Sirius XM. The money will reportedly be used to accelerate the company’s product development and enhance services that fuel its global community of users.
“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. We believe this is another opportunity to continue creating value for SiriusXM stockholders by investing in expanding digital audio platforms.”
The investment agreement includes multiple stipulations – one of which involves the new SoundCloud Board of Directors inclusion of two SiriusXM members. Check back here to see what comes of this partnership.