In Q1 2024, SiriusXM reported significant subscriber losses, with 445,000 total subscribers departing the platform - a notable increase from the 281,000 lost in Q1 2023. The company's self-pay subscribers decreased by 359,000, while paid promotional subscribers dropped by 86,000. Additionally, Pandora, owned by SiriusXM, lost 64,000 subscribers during the same period.

Despite these losses, the company's financial performance showed some resilience. Quarterly revenue reached $2.16 billion, a 1% increase from Q1 2023's $2.14 billion. Earnings rose to $265 million (7 cents per share), up from $233 million (6 cents per share) in the previous year. Advertising revenue grew 7% to $402 million, though subscription revenue declined 1% to $1.68 billion.

CEO Jennifer Witz acknowledged disruption from the new streaming app launch but emphasized improved engagement metrics and growing appeal among younger audiences beyond traditional automotive users. The company remains confident in its strategic direction, particularly regarding app platform improvements and in-car experience enhancements.

Looking ahead, SiriusXM is preparing for potential changes in its content lineup. With Howard Stern's contract set to expire (following a five-year extension signed in 2020), President & Chief Content Officer Scott Greenstein indicated the company has plans in place for a post-Stern future, focusing on demographic-appropriate content strategies rather than direct replacement.

Related Articles

Previous Articles