SiriusXM Loses 445K Subscribers as Pandora Decline Continues in Q1 2024

SiriusXM Loses 445K Subscribers as Pandora Decline Continues in Q1 2024

By Marcus Bennett

November 17, 2024 at 09:13 PM

SiriusXM experienced significant subscriber losses in Q1 2024, with 445,000 total subscribers departing the platform - a sharp increase from 281,000 losses in Q1 2023.

SiriusXM car radio display panel

SiriusXM car radio display panel

Key Q1 2024 Metrics:

  • 359,000 self-pay subscribers lost (vs. 347,000 in Q1 2023)
  • 86,000 paid promotional subscribers dropped (vs. 66,000 gain in Q1 2023)
  • Pandora lost 64,000 self-pay subscribers
  • Revenue increased 1% to $2.16 billion
  • Earnings reached $265 million ($0.07 per share)
  • Advertising revenue up 7% to $402 million
  • Subscription revenue down 1% to $1.68 billion

CEO Jennifer Witz acknowledged disruption from the new streaming app launch but emphasized improved engagement metrics and expansion beyond automotive listeners. The company remains focused on app platform improvements and in-car experience enhancements.

Regarding Howard Stern's contract (set to expire in 2025), President Scott Greenstein indicated the company is prepared for potential changes, stating they would develop strategies based on current demographics and target audiences rather than trying to directly replace talent.

Businessman checking phone with charts

Businessman checking phone with charts

Emmy Feldman in white shirt

Emmy Feldman in white shirt

Colorful YouTube gift jewel icons

Colorful YouTube gift jewel icons

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