And while subscriptions to podcast series and studios gain traction among creators and distributors (with the majority of podcast listeners seeking content-driven benefits, as opposed to ad-free listening, according the Cumulus study), current SiriusXM subscribers will ostensibly be able to access that content for free. Andrew Moss, SiriusXM’s senior vice president, business affairs and programming operations, also joins the Audio Up board of directors.Īs podcast advertising revenue is expected to more than double by 2023 - to $2.2 billion, per the IAB - SiriusXM Media will manage and sell advertising inventory and sponsorship in connection with any podcast produced by Audio Up for SiriusXM. in July 2020 for $325 million) and the SiriusXM app. In addition, select podcasts from Audio Up’s back catalog will also be available across the SiriusXM ecosystem, which includes Pandora ( acquired for $3.5 billion in 2019), Stitcher ( purchased from E.W. With the agreement, SiriusXM will have a first-look co-production option for Audio Up original podcast concepts, and will offer options for exclusive distribution across SiriusXM properties. SiriusXM also leads Audio Up’s $12 million Series B fundraising round, reinforcing its own efforts to gain a toehold into the growing podcast market, which has tripled in audience size since 2017 (according to a recent report commissioned by Cumulus Media and Westwood One). Audio Up, the podcast production studio founded in 2020 by audio innovator Jared Gutstadt, has entered into a creative programming and strategic agreement with SiriusXM which will see the development of new original scripted series and audio entertainment concepts.