SiriusXM Holdings Inc. is trying to further entice customers by bundling Stitcher Premium with its SiriusXM Platinum Plan.
The streaming giant has been trying to become the go-to spot for podcasts. SiriusXM originally purchased Stitcher for $325 million back in 2020, and later acquired Team Coco earlier this year for $150 million. After acquiring Stitcher, the company integrated the platform with its existing Pandora streaming service.
Now, users of SiriusXM Platinum ($22.99 per month) will have access to Stitcher Premium content at no additional cost, though it’s $4.99 per month without the bundle. Content coming to SXM includes shows like Office Ladies, Freakonomics Radio, LeVar Burton Reads, Conan O’Brien Needs a Friend and more.
“Stitcher Premium is a terrific value add for our Platinum and Streaming Platinum subscribers. With one subscription and one set of login credentials, our listeners get our full spectrum of unparalleled SiriusXM content, and now a huge selection of popular podcast content on Stitcher as well,” said Richard Beatty, SiriusXM’s chief subscription revenue officer, in the company’s press release.
Though SXM is trying to be the go-to for streaming audio and podcasts, the company is competing against Spotify and Apple.
By the end of Q2, Spotify, exceeded its subscriber growth expectations by counting 11 million net new subscribers in addition to six million premium subscribers. Now, the company has close to 433 monthly active users and 188 million subscribers. Spotify also announced earlier this week it would also be continuing its relationship with Samsung with more cross-platform integrations and pre-installations.
According to a report by Triton, Stitcher has close to 14.5 million weekly users, which SXM is using to claim the service is now classified as “the #1 podcast network”.
As SMX continues efforts in the podcasting market, Apple announced earlier this week it would be launching two subscription-focused podcast charts. The charts would include up to 100 paid shows and expand to a global market. Spotify already expanded its podcast subscription program globally in late 2021.
Apple also forged a deal with Futuro Studios in order to make original podcasts and create Apple TV+ shows, which would be a distinctive source of revenue for the company.
As Spotify and Apple find unique ways to grow their usage, SXM will have to bolster efforts in its podcasting initiatives. The company already has a partnership with Audio Up to create original shows and launched new stations with Soundcloud, but it looks eager to do even more in this area.
source https://techcrunch.com/2022/08/24/siriusxm-digs-into-subscription-based-podcast-market-with-stitcher-premium-bundle/
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