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SiriusXM subs growth slows

November 2, 2022

By Chris Forrester

SiriusXM’s financials for its Q3 were healthy, but net additional subscribers were at just 187,000. This time last year they were 616,000. This still means the North American pay-radio broadcaster has 32.2 million paid users (and a total of 34.2 million when promotional subscribers are added).

SiriusXM also owns the Pandora subscription music service and this also reported 52,000 fewer subscribers, although this is near the loss last year of 59,000. It has 6.29 million subscribers paying for the service.

As to its numbers, the company reported Q3 revenues of $2.28 billion, up 4 per cent y-o-y. The company is raising its quarterly dividend by 10 per cent , and has maintained its full-year guidance of $9 billion in total revenues with free cashflow of some $1.55 billion.

ARPU grew by $0.88 per sub (up 6 per cent). Advertising across its services increased to $407 million (up 1 per cent).

“We are pleased to report third quarter results that reflect strong execution during the period while leaning into investments designed to ensure SiriusXM will thrive long-term,” said Jennifer Witz, CEO. “This quarter we focused on enhancing the listener experience and expanding our unparalleled stable of programming and talent to continue providing our subscribers with the best in audio, both in-car and in the SXM App. From live sports and election coverage to exclusive artist channels and live Small Stage performances, we are thrilled to offer a diverse and differentiated content slate paired with technology that makes it easier than ever to discover new favorites.”

SirisXM is 72 per cent owned by Liberty Media.

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