Cheaper companion plans and demand for sports and new music channels led by Green Day and Morgan Wallen drove a 1% increase in overall revenue and SiriusXM subscriber revenue and ARPU.
NEW YORK, NEW YORK - JANUARY 17: Tré Cool, Billie Joe Armstrong and Mike Dirnt of Green Day visit SiriusXM's 'The Howard Stern Show' at SiriusXM Studio on January 17, 2024 in New York City. (Photo by Cindy Ord/Getty Images for SiriusXM)
Getty Images for SiriusXM
SiriusXM Holdings’ revamped strategy to gain and retain subscribers with lower-cost companion plans and channels by Morgan Wallen and Green Day is bearing green shoots and giving the company enough confidence to raise its 2026 targets, the company said on Thursday (July 30).
SiriusXM added 22,000 net new direct subscribers in the second quarter — its first second-quarter increase in net self-pay subscribers in four years — thanks to a record-low churn rate of 1.4%. Overall second quarter revenue edged 1% higher to $2.16 billion on a 3% increase in adjusted earnings before interest, tax, depreciation and amortization (EBITDA) — to $691 million — and a 48% increase in free cash flow — to $593 million. SiriusXM’s net profit for the quarter rose 17% to $239 million, according to company financials.
