SiriusXM: “The most profitable audio company”
April 29, 2021
Jennifer Witz, pay-radio broadcaster SiriusXM’s CEO, told analysts that the business was the most profitable audio company in the world, and that SiriusXM had achieved record low Q1 churn (of 1.6 percent) and helping revenue growth of 5 per cent and EBITDA up 7 per cent. “This was the highest single quarter EBITDA figure in our company’s history.”
She explained that SiriusXM’s latest product (‘360L’) was now installed in close on 2 million vehicles and was delivering new insights into consumer behaviour.
SiriusXM added 126,000 net new self-pay subscribers, ending the quarter with 31 million total self-pay subs. Trial starts are expected to grow at the fastest rate since 2015 to approximately 24 million during 2021.
Witz told analysts that SiriusXM was in discussions with AT&T about acquiring additional spectrum tat was sitting next to its existing spectrum.
“We’ve been working closely with AT&T and the FCC on the adjacent spectrum. We’re looking at various opportunities to use [that spectrum] in conjunction with government agencies. It’s not for commercial purposes, but it’s important to us to protect that guard band because it’s next to our satellite spectrum,” commented Witz.