SiriusXM Q4: Revenue Falls 4.3% While Net Income Surges 26% With 33M Subscribers
SiriusXM reported mixed financial results for Q4 2024, with revenue declining but net income showing significant improvement. The satellite radio provider faced both challenges and opportunities in its core business and Pandora operations.
SiriusXM display in car dashboard
Key Q4 2024 Financial Results:
- Revenue: $2.19 billion (down 4.3% YoY)
- Net Income: $287 million (up 26% YoY)
- Satellite Radio Revenue: $1.62 billion (down 5.6% YoY)
- Subscription Revenue: $1.50 billion (down 5.4% YoY)
- Pandora Revenue: $568 million (flat YoY)
Subscriber Metrics:
- SiriusXM self-pay subscribers: Added 149,000 in Q4
- Total subscribers: 33.23 million (including 1.58 million paid promotional)
- Annual decrease: 296,000 subscribers
- Pandora subscribers: 5.77 million (down 279,000 YoY)
Pandora Performance:
- Q4 ad-supported listener hours: 2.39 billion (down from 2.53 billion)
- Annual listener hours: 9.94 billion (down from 10.48 billion)
- Q4 ad revenue per thousand hours: $108.37 (down from $111.27)
Full-Year 2024 Results:
- Total revenue: $8.70 billion (down 2.8% YoY)
- Net loss: $2.08 billion (primarily due to $3.36 billion Q3 impairment charge)
CEO Jennifer Witz expressed optimism for 2025, citing strong usage growth in the updated SiriusXM app and podcast content. The company's stock (NASDAQ: SIRI) closed at $23.11, up 5.8% from opening.
Concert crowd at Ticketmaster event