SiriusXM Tops 25 Million Paid Subscribers, 10% Revenue Growth
SiriusXM is on a tear, and recently the satellite broadcaster made an uninvited advance on Pandora. The music streamer rebuffed the overture, but they may want to reconsider. Their combined platforms plus Pandora's ticketing and soon-to launch music streamer would make a powerful combination.
Satellite radio broadcaster Sirius XM Holdings (NASDAQ: SIRI) announced this morning that it added a net of 587,000 new subscribers in the 2nd quarter of 2016. It's total subscribers now totals a record high 30.6 million, which after subtracting its 5 million free new car trial users nets a total of 25.1 million paid subscribers.
Revenues climbed to a record $1.2 billion, up 10% year over year, just a hair under analysts expectations. The combined numbers sent the stock up on Tuesday morning.
In a statement CEO Jim Meyer said:
"SiriusXM’s second quarter results demonstrated continued strong demand for our content bundle and solid execution by our entire team. We grew net new subscribers by 587,000 in the second quarter, and our subscriber base, revenue, adjusted EBITDA, and free cash flow have never been higher. We are pleased to once again raise our key guidance metrics for the full year."