In a move to expand its presence in the rapidly growing podcasting market, SiriusXM has partnered with audio entertainment production studio Audio Up to develop new original scripted podcasts. The two companies have entered into a creative programming and strategic agreement, under which Audio Up will create new podcasts for SiriusXM and its platforms, including the SXM app, Pandora, and Stitcher.
About Audio Up
Audio Up was established in 2020 as a podcast content production studio that creates original scripted audio entertainment featuring marquee names across music, Hollywood, and publishing. The company has already created a slate of original podcasts, including Machine Gun Kelly, Garrett Hedlund, and Stephen King.
Terms of the Partnership
Under the agreement, SiriusXM will have an exclusive first-look option for new Audio Up original podcast concepts. Additionally, SiriusXM will have exclusive rights to manage and sell advertising inventory in connection with any podcast produced for the platform. Audio Up is expected to be a significant creative driver for SiriusXM in connecting artists, labels, brands, and creators of all types in developing new audio entertainment programming across SiriusXM channels.
Audio Up Completes $12 Million Series B Funding Round
In conjunction with the partnership announcement, Audio Up also announced that it has completed a $12 million Series B funding round led by SiriusXM. Andrew Moss, SiriusXM’s senior vice president of business affairs and programming operations, is joining the board of directors at Audio Up.
About the Partnership
The partnership between SiriusXM and Audio Up marks an exciting new chapter in the development of podcasting as a medium for audio entertainment. Scott Greenstein, President and Chief Creative Officer of SiriusXM, said, "Audio Up is known for creating podcasts that combine music, entertainment, and rich storytelling to create bold new listening experiences, and we’re thrilled to welcome them to our extended SiriusXM family."
Jared Gutstadt, CEO and Founder of Audio Up, added:
"With the vast reach and wide diversity of listeners that SiriusXM, Pandora, and Stitcher together represent, we not only have a massive new multi-platform outlet for our original programming, but in SiriusXM we have a creative ally who shares our ambitions to keep pushing podcasting forward."
Background on SiriusXM’s Podcasting Strategy
The agreement with Audio Up follows SiriusXM’s $325 million acquisition of Stitcher last year, which brought thousands of podcasts under the SiriusXM umbrella. With this move, SiriusXM now has the largest addressable audience in the United States for digital audio, covering 150 million listeners across music, sports, talk, and podcasts.
SiriusXM’s Differentiation Strategy
In an effort to differentiate Pandora from competitors, SiriusXM has introduced multiple pricing tiers and unique show formats, such as Pandora Stories, aided by SiriusXM guests. This move is aimed at attracting a wider range of listeners and providing a more personalized listening experience.
The Podcasting Market: Competition and Growth
The podcasting market is rapidly growing, with numerous companies looking to expand their offerings in this space. Spotify and iHeartMedia have made significant acquisitions to acquire original podcasting content and tools for podcasters to help run their businesses. Additionally, Apple has invested heavily in podcasts, recently launching Apple Podcasts Subscriptions across more than 170 countries and regions.
Related Topics
- Apple
- Audio Up
- Halloween
- iHeartMedia
- Mass Media
- Operating Systems
- Pandora
- Podcast
- Podcasts
- Satellite Radio
- SiriusXM
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