About a month after signing a “global” administrative agreement with Joni Mitchell, Reservoir (NASDAQ: RSVR) backed audio entertainment and podcast production company Audio Up in a $ 12 million Series B run by SiriusXM.
Reservoir recently announced its participation in Audio Up’s multi-million dollar Series B, which debuted last year and has already raised $ 4.5 million in a Series A run by MGM Studios, per Crunchbase. After taking several notable steps in 2021 to achieve a greater ‘outside the vehicle’ presence, SiriusXM (NASDAQ: SIRI) led the latest increase in Audio Up, as mentioned, according to a separate release from the satellite radio company.
The precise value of Reservoir’s investment in Audio Up has not been publicly disclosed, with the New York-based music company only stating that it was the originator of “one of the key contributions.”
Either way, this contribution “will help Audio Up to further develop its ecosystem of high-end entertainment content in the music and audio space,” according to Reservoir officials. The platform’s podcast library includes a Stephen King show, an upcoming series called The Playboy interview, and a program (with Jason Alexander) based on the film by Melvyn Haber Bedtime Stories from the Legendary Ingleside Inn Palm Springs, to name a few.
As for the exclusive elements of these new investments in Audio Up, Reservoir and the scripted podcast startup – created by Jingle Punks co-founder Jared Gutstadt – “are working together on collaborative audio entertainment projects using the Rights Catalog. author of Reservoir “, according to the latter entity, which in June acquired Tommy Boy Music as well as the catalog of legendary rock producer Tom Werman.
Additionally, Audio Up is poised to “create new, original scripted podcasts for SiriusXM” and its subsidiaries, including the Stitcher podcast platform, and the companies will also “develop new audio entertainment concepts and forge new audio entertainment concepts. new promotion and distribution synergies “.
Finally, in terms of Liberty Media subsidiary with Audio Up, SiriusXM will have “an exclusive ‘first look’ co-production option for Audio Up’s original new podcast concepts, with accompanying options for exclusive distribution on SiriusXM properties, as well as exclusive rights to manage and sell advertising and sponsorship inventory. “
Addressing his company’s support and collaboration with Reservoir, Audio Up Founder and CEO Jared Gutstadt said, âOur company is a company of firsts. And Reservoir’s investment is truly looking to the future of audio entertainment, bringing the Reservoir catalog to life for a whole new audience. This partnership underscores how important audio media are to music rights holders in the media landscape, as they push audiences to new levels.
âReservoir inherently understands this model and the unique advantage of being a music publishing and masters platform integrated into the podcast / audio media space,â concluded the Toronto native.
In other funding news, ‘music experience startup’ Stage11 recently closed a $ 5.8 million funding round, while Blackstone formalized earlier this week its intention to invest $ 1 billion. dollars in intellectual property of music – in addition to taking a “stake” in Hipgnosis Song Management. Separately, Spotify is launching an in-house podcast extension as some reports suggest the Stockholm-based platform will soon overtake Apple’s podcasting lead in the United States.