Satellite radio giant SiriusXM is shutting down its podcast app Stitcher and subscription service after a widespread setback in a once-popular segment.
The company announced on Tuesday that it will be shutting down on August 29 in a bid to drive more users to its app and keep all content in one place. Stitcher’s podcasts are still available on other platforms and his SiriusXM app.
“The scale and reach of our widely-distributed podcasts has always been a crucial driver for our advertising sales business, and we are excited to bring podcasts more holistically into our flagship SiriusXM subscription service. By embedding it, we can drive further growth,” SiriusXM executives Joe Inzerillo, John Trimble, and Scott Greenstein wrote in an internal memo.
read more:SiriusXM Acquires Stitcher For Up To $325 Million In Largest Podcast Deal Ever
Stitcher said on its website that it will continue to operate Stitcher Studios and the Earwolf network to produce podcasts. No job cuts are planned, said a person familiar with the matter, who asked not to be identified.
Stitcher’s subscription service costs $4.99 per month. According to Comscore, the company’s app and his website had a total of 900,000 unique visitors.
SiriusXM acquired Stitcher in 2020. Up to $325 million, was one of the biggest podcast deals during a time when the industry was growing. Companies ramped up their podcasting efforts as the industry experienced a boom in multi-million dollar deals with influencers, newsmakers and independent studios.
Companies have recently applied Please be more careful for those kinds of transactions. For example, Spotify recently signed a podcast production deal with Meghan Markle and Prince Harry’s company, Archwell Audio. came last.
read more:What Ryan Murphy and Prince Harry and Meghan’s deal say about the state of Hollywood
Spotify recently laid off 200 people in its podcasting division in a broad restructuring that included the merger of two audio production companies it acquired, Gimlet and Parcast.
This story was originally los angeles times.
