SiriusXM is implementing major strategic changes, pivoting away from streaming to focus on its core automotive listener base, where 90% of its subscribers access the service through in-car systems.

Key Changes:

• Shifting marketing resources from streaming to focus on automotive subscriber retention and growth
• Expanding access to over two million vehicles, including Tesla models
• Targeting $200 million in annualized savings by the end of 2025
• Delivering $250 million in run rate savings for 2023-2024
• Optimizing subscriber lifetime value and marketing efficiency
• Aligning content investments with strategic goals

Leadership Updates:

• Wayne D. Thorsen joining as Executive Vice President & Chief Operating Officer (December 16)
• Joseph Inzerillo stepping down as Chief Product & Technology Officer

"We are focusing on the strengths that set us apart—including our strong core subscriber base, our unique position in vehicle, and our unrivaled curated content," states Jennifer Witz, CEO of SiriusXM. The company will maintain its streaming app as a value-added benefit for core subscribers while prioritizing automotive distribution through IP and satellite-enabled vehicles.

This strategic shift follows the December 2023 relaunch of the SiriusXM streaming app and aims to drive profitability and cash flow amid current market challenges.

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