Done deal: SoundCloud expands; gets $75 million investment from Pandora owner SiriusXM

Done deal: SoundCloud expands; gets $75 million investment from Pandora owner SiriusXM

- SiriusXM has invested in SoundCloud to focus on product development and the enhancement of services

- SoundCloud was worth an estimated $500 million as at the year 2017, according to PitchBook, a data research company

- SiriusXM noted that the deal could potentially serve an audience of millions of listeners

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European music streaming company, SoundCloud, has sealed a deal with satellite radio business, SiriusXM, which owns streaming giant, Pandora.

Sound Cloud, which is often referred to as the ‘YouTube’ of audio, was last valued at $500 million about three years ago, according to data research company, PitchBook.

According to SiriusXM, the deal is unique because it brings together two companies that would serve millions of unique listeners.

Done deal: SoundCloud expands; gets $75 million investment from Pandora owner SiriusXM

Source: techcrunch
Source: UGC

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Per a report by techcrunch.com, SoundCloud hit a revenue run-rate of $200 million for the first time in the fourth quarter of 2019.

Industry experts have stated that the deal with SiriusXM is a positive development for SoundCloud and could represent a reversal of fortunes for the business.

In other news, a reporter with American media company, Bloomberg, has ranked Ghana’s economy as one to watch in the near future.

Bloomberg’s reporter, Noah Smith, argued that the country has performed creditably on development metrics and simply needs to break free of dependence on commodities.

The report added that there are key indicators that show a country is becoming a pacesetter.

It listed United Kingdom (UK) as the country that set the tone for change in Europe, Japan as the change maker in East Asia and possibly Ghana being the country to watch in West Africa.

It has been argued that Ghana has certain advantages in the sub-region with regard to geography, institutions and human capital.

As a country with a coast, Ghana has two ports that are used to ship and receive goods and with over 31 million people.

The country is therefore well-positioned to create a substantial domestic market. The report goes on to say that Ghana is well branded with regard to essential aspects of a nation’s building process such as quality of governance, freedom and democracy and the ease of doing business.

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