SiriusXM today completed its previously announced $325 million acquisition of podcast platform Stitcher from E.W. Scripps, and has now launched Stitcher’s podcasts on Pandora across all tiers of the streaming service. The deal brings top Stitcher titles to Pandora, including Freakonomics Radio, My Favorite Murder, SuperSoul Conversations from the Oprah Winfrey Network, Office Ladies, Conan O’Brien Needs a Friend, Literally! with Rob Lowe, LeVar Burton Reads, and WTF with Marc Maron, among others.
On Pandora, the podcasts will be indexed using the company’s proprietary Podcast Genome Project technology. This system leverages automated technology — like natural language processing, collaborative filtering, and other machine learning approaches — then combines that with human curation to make personalized recommendations to podcast listeners on Pandora’s app.
The podcasts will also continue to be available in the Stitcher app in North America, the company says.
The Stitcher acquisition brought with it several key assets, including its own mobile listening app, which includes a premium tier of exclusives, and the Midroll Media network for podcast advertising. Stitcher also creates its own original programs and runs multiple content networks, via Earwolf.
That means SirusXM gained thousands of top podcasts with the deal’s closure. The company also now claims it has the “largest addressable audience in North America” across all categories of digital audio, including music, sports, talk, and podcasts thanks to the combination of satellite radio service SiriusXM, streaming app Pandora, and now Stitcher.
The company believes the deal will help it to attract more creators to its platform, thanks to the enhanced production, marketing, and distribution capabilities it offers, following the deal’s close. Advertisers, meanwhile, will be able to more precisely target podcasts for better ad efficiency, and will gain access to improved measurements, says SiriusXM.
In terms of Stitcher’s execs, CEO Erik Diehn will now report to Scott Greenstein, President and Chief Content Officer of SiriusXM, who also oversees content at Pandora. Stitcher’s Chief Revenue Officer, Sarah van Mosel, will report directly to John Trimble, Chief Advertising Revenue Officer of SiriusXM.
“We are deepening our position in podcasting, the fastest-growing sector in digital audio, and with completion of this transaction, our vision is taking shape,” said SiriusXM CEO Jim Meyer, in a statement about the deal’s completion. “With Stitcher and its varied assets, we are now a one-stop shop able to meet the needs of podcast creators, publishers and advertisers, while also providing listeners with access to great shows, series and programming.”
Despite the coronavirus pandemic, which disrupted many consumer trends and accelerated others, podcasting still remains one of the fast-growing digital audio industries. Podcast downloads returned to pre-COVID levels this summer, and Spotify reported that podcast consumption more doubled in Q2 and nearly a quarter (21%) of its active users now listen to podcasts.
Stitcher was not SiriusXM’s first acquisition focused on podcasts or ad technologies. It also bought podcast management platform Simplecast this June, and before that, it acquired AdsWizz for $66.3 million to power Pandora’s advertising efforts.