SiriusXM announced that it has completed its acquisition of Stitcher, moving the company deeper into the fast-growing podcasting world.
The company says that this acquisition of podcasting pioneer Stitcher strengthens SiriusXM’s position in this fast-growing area. “By combining Stitcher’s leading programming and advertising networks with SiriusXM’s existing suite of hosting and ad technology tools, the Company expands its pre-eminent position in digital audio advertising while generating new ways for creators to find and connect with a broader audience,” says a company spokesperson.
“We are deepening our position in podcasting, the fastest-growing sector in digital audio, and with completion of this transaction, our vision is taking shape,” said SiriusXM CEO Jim Meyer. “With Stitcher and its varied assets, we are now a one-stop-shop able to meet the needs of podcast creators, publishers, and advertisers, while also providing listeners with access to great shows, series, and programming.”
Meyer added, “On behalf of everyone at SiriusXM, we are thrilled to welcome Erik, Sarah, and all of the other talented Stitcher employees to our team. We look forward to working with them as we continue delivering the best listening experiences in audio entertainment and enhancing stockholder value.”
With the transaction now closed, SiriusXM says it is positioned to continue driving growth by:
- Reaching more than 150 million listeners across its combined properties, the largest addressable audience in North America across all categories of digital audio – music, sports, talk, and podcasts;
- Further extending the reach of SiriusXM in digital audio advertising through the SiriusXM and Pandora owned-and-operated digital platforms, combined with the company’s exclusive ad sales arrangement with SoundCloud for the U.S., and the Stitcher and Midroll networks;
- Helping solve some of the critical challenges in podcast advertising through precision targeting, ad efficiency, and improved measurement capabilities via a streamlined ad marketplace;
- Combining the largest digital audio salesforce with a leading podcast ad network; and
- Attracting more creators to its podcasting platform with enhanced production, marketing, and distribution capabilities that drive further listening, engagement, and monetization.
