SiriusXM faced significant challenges in Q3 2024, reporting declining revenues and stagnating subscription numbers. The company posted a loss of 84 cents per share, compared to earnings of 90 cents per share in the previous year. Total revenues fell 4.4% year-over-year to $2.17 billion.

Key Financial Highlights:

• Subscriber revenues decreased 4.86% to $1.64 billion (75.77% of total revenues)
• Advertising revenue fell 2.17% to $450 million (20.73% of total revenues)
• Equipment revenues dropped 12.24% to $43 million
• Other revenues remained stable at $33 million

Subscriber Metrics:

• Self-pay subscribers decreased 0.99% to 31.49 million
• Net subscriber loss of 100k (compared to 94k net additions last year)
• Average revenue per user declined 3.38% to $15.16

Following its separation from Liberty Media, SiriusXM is now operating as an independent public company. The company has set ambitious long-term goals, including reaching 50 million subscribers and generating $1.8 billion in free cash flow.

The decline in performance is attributed to:

• Increased CTV supply in the market
• Shift in advertiser spending to performance products
• Shortened election cycle
• Limited podcast inventory
• Higher number of subscribers on promotional rates
• Growth in streaming-only self-pay plans

Related Articles

Previous Articles