SiriusXM Reports Q3 Revenue Drop and Subscriber Losses Amid Market Challenges
SiriusXM experienced significant financial challenges in Q3 2024, reporting worse-than-expected results across key metrics.
Car dashboard showing SiriusXM display
Key Financial Results:
- Net loss of 84 cents per share (compared to 90 cents earnings last year)
- Total revenue declined 4.4% to $2.17 billion
- Subscriber revenue dropped 4.86% to $1.64 billion
- Advertising revenue decreased 2.17% to $450 million
Subscriber Metrics:
- Self-pay subscribers decreased 0.99% to 31.49 million
- Net subscriber loss of 100,000 (versus 94,000 gain last year)
- Average revenue per user fell 3.38% to $15.16
- Total subscriber base declined 2.39% to 33.15 million
Business Developments:
- Completed Liberty Media transaction, becoming fully independent
- Setting long-term targets of 50 million subscribers
- Aiming for $1.8 billion in free cash flow
- Planning business reintroduction to combat declining subscriptions
Contributing Factors to Decline:
- Increased CTV market supply
- Shift in advertiser spending to performance products
- Shortened election cycle
- Limited podcast inventory
- Higher number of promotional rate subscribers
- Growth in streaming-only self-pay plans
The company faces significant challenges in reversing these trends but has outlined strategic initiatives to regain momentum in the market.
Businessman checking phone with charts
Emmy Feldman in white shirt
Colorful YouTube gift jewel icons
Related Articles
Deezer Launches Artist-Centric Publishing Model in Historic SACEM Partnership
