SXM Media, the sales group of Sirius XM Holdings, has renewed its U.S. ad-sales deal with SoundCloud through at least 2024, the company exclusively tells Axios, in a move to grow revenue for both audio platforms.
Why it matters: SiriusXM, which bought a $75 million minority stake in SoundCloud in 2020, will continue splitting the ad revenue between the two companies, according to the agreement.
The deal aligns with the company's strategy to be a leader in audio ad sales amid stiff competition for listeners and subscription dollars.
