SiriusXM tops own expectations
January 15, 2020
By Chris Forrester
Pay-radio service SiriusXM says that 2019 delivered almost 1 million subscribers over and above its 34 million subs-target for last year. Consequently, the radio broadcaster is raising its own guidance for 2020.
SiriusXM doesn’t reveal its full financial numbers for 2019 until February 4th, but has told the market that its total paid subscriber base now stands at a record high of 34.9 million and that expects to meet or exceed last year’s financial guidance.
Overall (and now including revenues from streaming audio service Pandora) its total revenues for 2019 were approximately $8.1 billion, with free cashflow of $1.7 billion.
“Last year was a milestone for SiriusXM. Not only did we achieve our tenth consecutive year of million-plus self-pay net additions, but we also completed our acquisition of Pandora Media and made significant investments in our business, all while returning more than $2 billion to our stockholders. And our new 2020 guidance points to what should be another excellent year of growth for SiriusXM,” said Jim Meyer, SiriusXM’s CEO.
“We’re thrilled to start our year once again at the CES with so many new product and service launches to highlight. GM recently announced a broad rollout of our next-gen 360L hybrid satellite-IP architecture. GM anticipates it will produce about one million 360L-enabled vehicles this year. We recently announced a new creative collaboration with U2 to create an exclusive U2X RADIO Channel for SiriusXM and exclusive content for Pandora listeners. And we look forward this year to debuting exclusive content across SiriusXM and Pandora from Marvel and platinum selling recording artist Drake,” added Meyer.