SiriusXM has announced yet another audio-related acquisition, this one involving popular podcasting app Stitcher. As with PocketCasts, Google Podcasts, and many other apps, Stitcher is a popular platform for finding and downloading podcasts…something SiriusXM has heavily set its focus on. The news of its Stitcher acquisition comes only days after the company revealed that it has acquired podcast analytics company Simplecast.
Stitcher is a popular app available for iOS and Android, one of the older and better-known of the podcast aggregators. SiriusXM, meanwhile, is best known for its satellite radio service, though it has since expanded to offer digital-only streaming subscriptions, as well. SiriusXM previously acquired Pandora and has since mixed some of the content between its two services.
Because SiriusXM is home to a large number of audio-based talk shows, it makes sense that the company would leverage this portfolio to target the increasingly expansive podcasting market. Pandora recently launched a personalized podcast recommendation system and, as mentioned, SiriusXM acquired a podcast analytics company this summer.
The E.W. Scripps Company announced the agreement to sell Stitcher to SiriusXM for $325 million, which is more than double the company’s investment in the industry over the past half-decade. This acquisition includes the app platform users are familiar with, as well as its podcast networks and its Midroll ad rep firm. Of the $325 million, Scripps says the deal involves $265 million in upfront cash.
Consumers have increasingly embraced podcasts as a way to get informative and entertaining content while on the go, including during one’s commute and other times when books and videos aren’t suitable. This popularity has spurred industry deals that include big names like Marvel, which announced an exclusive podcasting deal for fictionalized shows with Stitcher late last year.