Radio streaming software TuneIn has been acquired for $175 million

Internet radio service TuneIn, a competitor of sorts to Sirius XM and other streaming companies that was valued at about $500 million during its peak, sold for just $175 million. The acquirer is music and technology company Stingray Group, which will pay $150 million at closing and up to $25 million after one year.

The company said on Wednesday that it financed the deal with a loan under its revolving credit facility.

Founded in 2002, TuneIn was an early player in the online music space. Unlike competitors like Apple Music or Spotify Premium that offer ad-free, subscription-based music on demand, TuneIn has focused on streaming traditional online radio stations. This business model also allowed TuneIn to offer a wide range of content beyond music, such as 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 became comfortable paying for ad-free music subscriptions.

Stingray, a Montreal-based company that owns radio stations and provides music and advertising technology services, has 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, spanning more than 100 countries.

The $175 million purchase price was based on TuneIn’s expected 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 is completed, Stingray expects its revenues to exceed $400 million.