SiriusXM spent $75 million in buying a minor ownership stake in audio storage service, Soundcloud. In 2017, Soundcloud came within hours of bankruptcy before getting a cash injection. Today, Soundcloud gets a cash injection to secure its future.
Soundcloud has become a hub for independent music artists to release their songs. It has also become one of the main players in independent podcasting platforms.
Management at Soundcloud stated that they would be using the money to “accelerate its product development and enhance the services that fuel its global community of creators and listeners.” (The Hollywood Reporter).
Between SiriusXM owner Pandora and now Soundcloud, the company now has over 100 million users on their digital platforms.