SiriusXM drops 300k subs
May 1, 2025
SiriusXM shed around 303,000 self-pay subscribers in Q1 2025 on lower overall subscriber and advertising revenue. The US satellite audio giant ended the first quarter with 33 million total subscribers. In September 2024, the company completed its spin-off from controlling stockholder Liberty Media.
Overall revenue fell 5 per cent to $2.06 billion (€1.82bn) down from $2.16 billion a year-earlier. Net income dropped to $204 million, compared with $241 million in the first quarter of 2024. Subscriber revenue came to $1.6 billion, against a year-earlier $1.68 billion reflecting a shrinking number of self-pay audio subscribers. The vast majority of the business is through pre-install deals with auto makers.
Advertising revenue declined to $394 million, compared to $402 million in the same period last year. Pandora saw revenue fall by two percent to $487 million on weaker advertising revenue.
SiriusXM CEO Jennifer Witz discussed the possible impact on car sales from a weakened US economy, as consumer confidence falls and inflation rises in a choppy US economy. “Even in the face of economic uncertainty, our business remains resilient, buoyed by our industry leading customer satisfaction and the essential nature of our service to our core subscriber base,” she said.
Witz told analysts “in general, we would believe that the new car sales reduction would be in part offset by used car sales. Even without that, we still have high confidence in the financial and subscriber metrics for this year and likely next year as well.”
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