Pay-radio operator Sirius-XM reported another record-breaking quarter (Q2) with revenues up 8 per cent at $1.12 billion, and net income of $103 million. Churn is also at a very low (“outstanding”) 1.6 per cent/month, according to Jim Meyer, CEO, and down from last year’s 1.8 per cent.
Net subscriber growth was 692,000 (up 46 per cent on the same period in 2014). Self-pay net subscriber additions were 519,000 in the second quarter of 2015 compared to 380,000 in the second quarter of 2014, which made it the largest second quarter for self-pay subscriber growth since 2007. Total paid subscribers reached 28.4 million, and self-pay subscribers reached 23.4 million, both record highs.
The company’s buoyant progress means that it has uprated its formal guidance for the full 2015 year, saying that it now expects net additions (for the full year) to be about 1.8 million subs, and overall revenues of $4.5 billion and free cashflow of about $1.3 billion.