Audio entertainment giant SiriusXM reported continued growth in its satellite radio business in the fourth quarter, adding 355,000 subscribers, but a slightly bigger 88,000 drop in Pandora subscribers than in the year-ago period. Details:
Audio entertainment giant SiriusXM, the home of Howard Stern, on Tuesday reported continued subscriber growth in its satellite radio business in the fourth quarter, but a decline in Pandora subscribers.
The company, controlled by John Malone's Liberty Media, added a net of 355,000 satellite radio subscribers, including 341,000 self-pay customers and 14,000 paid promotional subs. In the year-ago period, it had added 346,000. It ended 2019 with more than 34.9 million subscribers, including nearly 30.0 million self-pay subscribers.
Pandora lost 88,000 subscribers in the fourth quarter, with 4,000 new paid promotional subs more than offset by a 92,000 drop in self-pay subscribers, to end it with more than 6.2 million total subscribers. In the year-ago period, it had lost 85,000.SiriusXM's earnings fell 3 percent to $243 million in the fourth quarter. Quarterly revenue increased 6 percent to $1.9 billion.
Said SiriusXM CEO Jim Meyer: "Not only did we achieve our 10th consecutive year of 1 million-plus self-pay net additions, but we successfully completed the acquisition of Pandora Media and drove each business to record-high financial performance. Looking forward to 2020, we're excited about a new decade of opportunity before us and confident in reiterating our guidance for the year."
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