SiriusXM Reports Q1 Financial Results
Satellite and internet broadcaster SiriusXM reports its 2024 first quarter financial results and reveals revenue of $1.68 billion, a decrease of less than 1% from the same period in 2023. The company reports net income of $265 million, an increase of almost 14% over Q1 of 2023. However, the figure getting the most notice from industry watchers is the loss of 359,000 self-pay subscribers. Additionally, self-pay
subscriptions to Pandora Plus and Pandora Premium services fell by 64,000. During the analyst conference call, SiriusXM CEO Jennifer Witz admitted that the focus on the company’s new streaming app has been disruptive, but she says they feel good about their goal of getting new, younger subscribers for the streaming-only service. “We are confident that our app platform relaunch and the product improvements coming in the car are putting us on the right path.” She says in a press release, “We have significantly stepped-up the pace of experimentation and innovation, a critical lever in our mission to deliver improved subscriber performance while maintaining a disciplined approach to spending in our focus on profitability.”