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
Our Manifesto: This is what YEN.com.gh believes in
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.
Source: UGC
READ ALSO: Unpacked: Samsung releases new product; drops amazing details and prices
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.
READ ALSO: Private equity investor likely to buy Victoria's Secret in a few weeks
Enjoyed reading our story? Download YEN's news app on Google Playstore now and stay up-to-date with major Ghana news!
President Akufo-Addo is a "wicked old man" - Angry protester fumes | #Yencomgh
Use the comments section below to share your views on this story. Do you have a story to share or you have information for us? Get featured on YEN.com.gh. Message us on Facebook or Instagram
Source: YEN.com.gh
