SiriusXM is implementing significant strategic changes, shifting focus from streaming to concentrate on its core automotive listener base. This pivot comes as the company recognizes that 90% of its subscribers access the service through in-car systems.

Key Strategic Changes:

• Redirecting marketing resources away from streaming to focus on automotive subscribers
• Expanding access to over two million vehicles, including Tesla models
• Continuing to offer streaming app benefits to core subscribers
• Targeting $200 million in annualized savings by end of 2025
• Delivering $250 million in run rate savings for 2023-2024

Leadership Updates:

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

CEO Jennifer Witz emphasizes the company's commitment to leveraging its unique position in vehicles and curated content while focusing on profitability and cash flow. This strategic shift follows the December 2023 relaunch of the SiriusXM streaming app.

The company will maintain streaming capabilities primarily to support IP and satellite-enabled vehicles while optimizing subscriber lifetime value, marketing efforts, and content investments to align with new strategic goals.

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