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.”
noted that it lost about 96,000 self-pay subscribers during the quarter and states that its current total subscribers stands at 34 million. SiriusXM CEO Jennifer Witz says, “We are very excited to unveil SiriusXM’s next-generation platform on November 8th, a key component of our long-term vision for the company’s consumer offerings. Our content portfolio continues to differentiate us in the audio marketplace with exclusive access to live sports, talk, music and one-of-a-kind content.”
increase of 348,000 for the year, aided by a growing base of streaming-only subscribers. Net income for Q4 of 2022 was $365 million, up from the $318 million posted in Q4 of 2021. For the year, net income was $1.2 billion, down from the $1.3 billion reported in 2021. CEO Jennifer Witz says, “2022 was a strong year for SiriusXM, as we continued to focus on bringing consumers the best in audio entertainment both in-car and on the go, reaching record high revenue and record low churn. Our strong operating and financial performance in 2022 are a testament to our resilient business model and growing contribution from streaming, which helped us deliver 348,000 net new self-pay subscribers. In 2023, we expect SiriusXM to deliver strong operating performance and generate significant cash, even as we face a challenging economic environment and continue to make material investments in our technology infrastructure.”