SiriusXM Records A Drop In Revenue And Subscribers For Q2

NEW YORK (CelebrityAccess) — On Thursday, satellite tv for pc broadcaster/streamer SiriusXM introduced the monetary outcomes for the second fiscal quarter of 2024.

In response to the corporate’s monetary filings, income for the interval got here in at $2.18 billion, down 3% from the identical interval final yr.

Internet earnings rose barely from $310 million in in Q2, 2023 to $316 million within the second quarter of 2024 whereas Internet earnings per diluted frequent share remained degree at $0.08.

EBITDA improved throughout Q2 2024 to $702 million, up by 8% from Q1 and flat year-over-year. In response to the corporate, the soundness resulted from decrease subscriber income and better gross sales and advertising and marketing prices, offset by diminished prices
of companies, personnel-related bills, and common and administrative bills.

Through the quarter, SiriusXM’s self-pay subscribers decreased by roughly 100,000, an enchancment over the earlier yr’s Q2 attributable to decrease voluntary churn and better automaker volumes, which had been partially offset by larger vehicle-related churn and decrease automobile conversion charges and streaming internet additions. Selfpay subscriber churn remained regular at 1.5%, per the identical interval in 2023. Paid promotional subscribers declined by roughly 73,000 through the 2024 quarter, which the corporate primarily attributed to a shift in the direction of unpaid trial subscriptions by some automakers.

In response to SiriusXM, the corporate nonetheless has a complete subscriber base of 33 million, a 2% improve from the earlier yr’s Q2. Promoting income remained regular at $400 million in comparison with the second quarter of 2023, and elevated 10% in comparison with the primary quarter of 2024.

Nonetheless, subscribers declined by 41,000 through the second quarter of 2024 to finish the interval at 6.0 million, the corporate mentioned.