Sirius XM, a leading audio entertainment company, reported mixed financial results for the year ended December 31, 2023. The company operates two main businesses, SiriusXM and Pandora and Off-platform, offering a range of music, sports, entertainment, and other content on a subscription basis. Despite a slight decrease in total consolidated revenue by 1% to $8,953 million compared to $9,003 million in the previous year, Sirius XM's subscriber revenue remained relatively stable at $6,342 million. Advertising revenue, however, saw a 14% decline to $169 million. The company's net income increased by 4% to $1,258 million, and income from operations decreased by 4% to $1,946 million. Sirius XM ended the year with approximately 33.9 million subscribers, while Pandora had about 46.0 million monthly active users and 6.0 million subscribers. The company also highlighted its...Show More

Sirius XM, a leading audio entertainment company, reported mixed financial results for the year ended December 31, 2023. The company operates two main businesses, SiriusXM and Pandora and Off-platform, offering a range of music, sports, entertainment, and other content on a subscription basis. Despite a slight decrease in total consolidated revenue by 1% to $8,953 million compared to $9,003 million in the previous year, Sirius XM's subscriber revenue remained relatively stable at $6,342 million. Advertising revenue, however, saw a 14% decline to $169 million. The company's net income increased by 4% to $1,258 million, and income from operations decreased by 4% to $1,946 million. Sirius XM ended the year with approximately 33.9 million subscribers, while Pandora had about 46.0 million monthly active users and 6.0 million subscribers. The company also highlighted its connected vehicle services and a 70% equity interest in Sirius XM Canada. Looking ahead, Sirius XM is preparing for a strategic transaction with Liberty Media, expected to be completed in the third quarter of 2024, which will see the company operate independently. The company anticipates growth in Sirius XM advertising revenue and Pandora and Off-platform advertising revenue, driven by improvements in monetization and growth in podcast businesses.