SiriusXM Q1 revenues dip
May 2, 2023
By Chris Forrester
North American pay-radio giant SiriusXM saw a 1.9 per cent fall in its Q1 revenues to $2.14 billion (€1.95bn). It ended the quarter with 34.02 million paid subscribers with 347,000 net additions.
Specifically, SiriusXM enjoyed revenues of $1.7 billion (the balance of the $2.14 billion coming mostly from its Pandora streaming service at $462 million).
Net income was $233 million, and the company said it had returned an overall $161 million to shareholders via dividends ($94 million) and its share buy-back strategy ($67 million).
“Our performance in the first quarter — underscored by our sustained low churn, high customer satisfaction, and strong margins – exceeded our expectations at the beginning of the year and strengthened our confidence to raise our financial guidance for the year. SiriusXM continues to demonstrate the enduring power of our premium audio services, differentiated programming, and our unique position in the audio entertainment market,” said Jennifer Witz, CEO.
“We are modernising our technology suite to bring more value to existing and new audiences as we help connect listeners to incredible moments happening on our air every day,” added Witz. “We expect our next generation SiriusXM experience will bolster our business in the years to come, and at the same time, we are taking a disciplined approach to reducing costs across the organisation.”
SiriusXM is 83 per cent owned by Liberty Media.