Hip-HopVibe.com Staff Writer
Streaming is a huge revenue boost for the music industry now and Sirius XM is taking full advantage of tha now. According to a press release, the company announced that they’ve acquired music streaming service Pandora for $3.5 billion.
Sirius XM and Pandora stations will continue to operate the same way and a huge goal is for Pandora’s streaming on XM’s platform is to help improve their industry expertise and financial resources. XM added that parnering up with Pandora will benefit their strength on streaming on phones, their digital presence and an increase in ads.
“We have long respected Pandora and their team for their popular consumer offering that has attracted a massive audience, and have been impressed by Pandora’s strategic progress and stronger execution,” said Chief Executive Officer of SiriusXM Jim Meyer. “We believe there are significant opportunities to create value for both companies’ stockholders by combining our complementary businesses.”
Sirius XM believes that long-term grown can be accomplished with Pandora by using their own exclusive programming and Pandora’s ad-supported and subscription tiers to come up with unique radio packages that will also help established artists. The addition of Pandora will definitely help its brand in this deal with Sirius XM as competition regarding streaming services is very high. Names such as Apple Music, Spotify and TIDAL always make a push as the best of the best and this deal could possibly give those outlets a challenge.