Internet radio service TuneIna sort of competitor to Sirius XM and other streamers that were worth about $500 million during its heyday, it has sold for just $175 million. The buyer is music and technology company Stingray Group, which will pay $150 million at closing and up to $25 million a year later.
It financed the deal with a loan under its renewed credit facility, the company he said on Wednesday.
Founded in 2002, TuneIn was one of the first players in the online music space. Unlike competitors like Apple Music or Spotify Premium that offer ad-free, on-demand subscription-based music, TuneIn focused on streaming traditional radio stations over the Internet. This business model has also allowed TuneIn to offer a wide variety of content beyond music, such as news, talk and live sports. The company sought to monetize this content through a paid subscription that also included ad-free audiobooks and radio channels.
But the company struggled to compete in the crowded streaming market, particularly as consumer demand for talk radio shifted to podcasts and people became comfortable paying for ad-free music subscriptions.
Stingray, a Montreal-based company that owns radio stations and provides music technology and advertising services, acquired TuneIn to expand its reach, particularly through partnerships with device manufacturers, automakers and content providers. The company noted that TuneIn content is available on more than 200 platforms and connected devices, including more than 50 in-car audio systems, in more than 100 countries.
The purchase price of $175 million was based on TuneIn’s projected sales of $110 million and adjusted EBITDA of $30 million for the 12-month period ending December 31, 2025. TuneIn has more than 75 million monthly active listeners worldwide.
Stingray says the TuneIn brand will remain. Once the deal closes, Stingray expects revenue to exceed $400 million.
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