SiriusXM to buy Stitcher for 67x more than Deezer sold it for in 2016

Satellite radio broadcaster SiriusXM are set to buy podcast app Stitcher for approximately $300m, after it was sold to E.W Scripps by Deezer for $4.5m in 2016.

Stitcher provide over 100,000 audio news, sports and entertainment podcasts across devices, and even produce their own original podcasts such as Freakonomics Radio. Stitcher offer listener free and premium memberships.

Deezer acquired Stitcher in 2014 for an unknown amount. This brought 35,000 radio shows and podcasts to Deezer, but after less than two years Deezer sold off Stitcher to E.W Scripps for $4.5m in 2016.

E.W Scripps has since merged Stitcher with podcast advertising network Midroll Media. Midroll Media was acquired by E.W Scripps for $50m. This, as well as podcasts’ growth in the last four years, has lead to Stitcher become significantly more valuable, with 2019’s revenue at $73m.

It’s unclear how SiriusXM will integrate Stitcher into Pandora’s podcast services. The move is another step up of SiriusXM’s podcasting efforts. Just in the last month, they acquired Simplecast and added new creator features.

SiriusXM aren’t without tough competition, with Spotify reportedly spending around $700m on podcasting content in the last 18 months. This includes the acquition of Anchor FM, Gimlet Media and Parcast last year, as well as licensing exclusive podcasts The Ringer and The Joe Rogan Experience.

Bad Bunny breaks Drake’s record as the most-streamed artist in one day on Spotify

On release day of his new album, Bad Bunny was streamed 183 million times on Spotify, beating Drake’s record of 176.8 million daily streams.

A new Tencent report details the growth of independent music in China

Tencent Music Data Research Institute, a music data research company under Tencent Music, has published a new report.

One comment

Leave a Reply

Your email address will not be published. Required fields are marked *