With Spotify the go-to in 2022 for consumers who desire high-quality audio-on-demand, Pandora has repositioned itself under the ownership of SiriusXM Holdings Inc. as more of an in-store audio solution than an everyday listener attraction, even with Pandora-powered app-only channels for Sirius XM subscribers.
Now, SiriusXM is taking a bigger step into the music-in-stores arena by acquiring a business known for legal streaming of music.
Sirius XM Radio Inc., has acquired Cloud Cover Media, parent of Cloud Cover Music. It’s an entity known for its “music for business” service and employs business management, music programming, licensing, and software development teams. Cloud Cover Music’s offerings allow businesses to deliver music, with customized audio messaging if desired, “to create the desired atmosphere for their prospects, customers, and clients,” Sirius XM says.
Is it another nail in the coffin for traditional radio at a retail establishment? Perhaps not, given its use in mom-and-pop retailers. However, larger retailers and those in the hospitality area likely rely on ad-free music for their business. In the case of Cloud Cover Music, it is in use at a wide variety of commercial locations across the United States and Canada.
Cloud Cover Music joins SiriusXM Music for Business and Pandora for Business in SiriusXM’s commercial music portfolio.
The Cloud Cover Music team will continue to be led by VP/GM Mark Lehman. He commented, “As one of the fastest growing music for business services, we’re proud of the track record that Cloud Cover Music has achieved with our tens of thousands of customers. We’re excited to have the brand recognition and strength of SiriusXM and Pandora behind us as we continue to focus on delivering the best music and messaging products for businesses.”
SiriusXM was represented by Weil, Gotshal & Manges LLP as counsel. Alkali Partners served as exclusive financial advisor to Cloud Cover Media, and David Wohlberg and Ekong Udoekwere represented the company as counsel.