SiriusXM reported its Q3 2023 financials, revealing its subscriber progress has flatlined because it sheds each satellite tv for pc radio and Pandora clients. Right here’s the most recent.
SiriusXM stories that it misplaced 96,000 self-pay subscribers in Q3, which is a slowing decline in comparison with the earlier two quarter losses of Q1 (-347,000) and Q2 (-132,000). The loss is very stark in opposition to final yr’s Q3 2022, the place it added 187,000 new subscribers. For 2023 SiriusXM has misplaced 336,000 subscribers in comparison with the acquire of 138,000 for the primary 9 months of 2022.
Self-pay subscribers to the SiriusXM service sits at 31.8 million, with whole customers falling slightly below 34 million. The satellite tv for pc radio agency stated it anticipated a drop in customers for the total yr in 2023, citing financial and automotive business challenges for its enterprise mannequin. However what about Pandora? Issues aren’t trying too rosy for the DSP, both.
Pandora shed 112,000 subscribers in Q3 2023, which is sort of double the subscriber loss (52,000) of Q3 2022. Pandora has shed round 150,000 subscribers over 2023 and seems set to finish the yr with round 6 million subscribers for Pandora. Regardless of the decline in subscribers, Pandora noticed its advert income bounce 3% YoY to $418 million, and up 5% in comparison with the earlier quarter.
Month-to-month energetic customers (MAUs) for Pandora have reached 46.5 million in Q3, down from the 48.8 million in Q3 2022. Whole ad-supported listener hours additionally noticed a drop to 2.64 billion, down from 2.75 billion in Q3 2022. SiriusXM general reported Q3 2023 income of $2.27 billion, which is barely down from the $2.28 billion income in Q3 2022. Earnings of $363 million rose from $247 million in comparison with 2022. EBITDA rose 4% to $747 million for the quarter.
SiriusXM CEO Jennifer Witz says the corporate is taking a look at releasing a brand new streaming app designed to attraction to youthful audiences. “It’s actually about how can we proceed to boost the worth of our subscriptions and [showcase] this tremendously invaluable set of content material that basically speaks to each audio style,” Witz stated whereas discussing the corporate’s plans. “The largest hole we discovered is having the ability to get shoppers into the content material they love. Within the automotive, it’s been very a lot about turning the dial or listening to the on-air promotion, or getting an electronic mail and going to seek out the content material.”
“We’re going to have the ability to make it a lot simpler for our in-car subscribers to hold their listening ahead into streaming providers, and vice versa, in a seamless method. So finally I believe it’s not going to be about streaming subscribers or in-car subscribers, however actually nearly subscribers as a result of we’re fairly detached as to how or the place they’re once they pay attention.”