SiriusXM's Subscriber Count Plateaus At 34 Million, While Pandora's Decline Continues

SiriusXM disclosed in its financial results for the third quarter of 2023 that subscriber growth has plateaued due to the loss of customers from Pandora and satellite radio. The following is the most recent.

As opposed to the previous two quarters’ declines of -347 thousand and 132 thousand self-pay subscribers, SiriusXM’s Q3 loss of 96,000 self-pay subscribers is a gradual one. The loss is notably pronounced in comparison to the 187,000 new subscribers added in the third quarter of 2022. Comparatively, SiriusXM has lost 336,000 subscribers in 2023, whereas it gained 138,000 during the initial nine months of 2022.

The number of self-pay subscribers for the SiriusXM service is 31.8 million, while the total number of consumers is approximately 34 million. The satellite radio company predicted a decline in consumers for the entire year of 2023, attributing this to economic and automobile industry factors that impede its business model. Nevertheless, Pandora? The outlook is not particularly positive for the DSP either.

In Q3 2023, Pandora lost 112,000 subscribers, which is nearly double the loss of 52,000 subscribers in Q3 2022. Pandora has lost approximately 150,000 subscribers since the beginning of 2023 and is projected to have around 6 million subscribers by the end of the year. Despite the decrease in subscribers, Pandora’s advertising revenue increased by 5% from the previous quarter to $418 million, a 3% year-over-year increase.

As of Q3, Pandora has recorded 46.5 million monthly active users (MAUs), a decrease from the 48.8 million recorded in Q3 2022. Additionally, total ad-supported subscriber hours decreased from 2.75 billion in Q3 2022 to 2.64 billion. Q3 2023 revenue for SiriusXM amounted to $2.27 billion, reflecting a marginal decrease from the $2.28 billion generated in Q3 2022. In comparison to 2022, earnings increased from $247 million to $363 million. Quarter EBITDA increased 4% to $747 million.

Jennifer Witz, the CEO of SiriusXM, states that the organization is considering the release of a new streaming application aimed at younger demographics. When discussing the company’s future, Witz stated, “It’s really about how we can continue to increase the value of our subscriptions and

this incredibly valuable collection of content that speaks to every audio genre.” “The greatest deficiency we discovered is the inability to connect consumers with the content they adore. “While driving, I have frequently found myself turning the dial, listening to the on-air advertisement, or opening an email in order to locate the content.”

“We will have the capability to significantly streamline the process for our in-car subscribers to transition to streaming services, and vice versa, without any interruptions.” Therefore, in the end, I do not believe it will be a matter of streaming subscribers or in-car subscribers, but rather subscribers, as our audience’s location or method of listening is essentially irrelevant.

SiriusXM’s Subscriber Count Plateaus At 34 Million, While Pandora’s Decline Continues

SiriusXM disclosed in its financial results for the third quarter of 2023 that subscriber growth has plateaued due to the loss of customers from Pandora and satellite radio. The following is the most recent.

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