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