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SiriusXM sheds 430,000 subscribers in 2023, sees slightly higher profit

Jennifer Witz, SiriusXM Chief Executive Officer speaks onstage during the SiriusXM Next Generation: Industry & Press Preview at The Tisch Skylights at The Shed on November 08, 2023 in New York City. (Photo by Mike Coppola/Getty Images for SiriusXM)
Jennifer Witz, SiriusXM Chief Executive Officer speaks onstage during the SiriusXM Next Generation: Industry & Press Preview at The Tisch Skylights at The Shed on November 08, 2023 in New York City. (Photo by Mike Coppola/Getty Images for SiriusXM)

Satellite and streaming radio platform SiriusXM saw a dip in subscriber accounts across its flagship product and associated music streamer Pandora, the company revealed this week.

During its fourth financial quarter (Q4) of the year, SiriusXM shed 94,000 subscribers after new promotional accounts failed to level out losses in its self-paid customer base, the company revealed on Thursday.

For 2023, SiriusXM ended with around 33.9 million paid and promotional customers, including those who are receiving extended free trials through online offers and new car sales. Around two million of those customers are currently receiving such promotions, SiriusXM revealed, while the other 31.9 million are paying regular service rates.

Most SiriusXM customers pay to use the company’s hardware radio receivers, most of which are pre-installed in new and used cars sold in the United States and Canada. Those customers receive around 200 channels of news, sports, talk programming and commercial-free music.

A streaming-only version of SiriusXM more than doubles the number of available linear channels and couples other perks like podcast access and on-demand music streams powered by Pandora, another product owned by the company. SiriusXM relaunched its streaming radio app during Q4 2023 and lowered its subscription price to $10 per month before taxes and music royalty fees.

Overall revenue during Q4 came in at $1.72 billion, with $479 million attributed to advertising via satellite and streaming audio products.

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About the Author:

Matthew Keys

Matthew Keys is the publisher of The Desk and reports on the business and policy matters involving the broadcast television, streaming video and radio industries. He previously worked for Thomson Reuters, Disney-ABC, Tribune Broadcasting and McNaughton Newspapers. Matthew is based in Northern California, has won numerous awards in the field of journalism, and is a member of IRE (Investigative Reporters and Editors).