Sirius XM is expanding content to boost revenues despite tough competition

From Nasdaq: 2024-06-27 10:34:00

Sirius XM, SIRI, is investing in expanding its content to boost top-line growth in upcoming quarters. The Zacks Consensus Estimate for 2024 subscriber revenues is $6.96 billion, up 1.44% year-over-year. New content includes The Andy Richter Call-In Show, offering interactive experiences and diverse shows with comedians and friends.

Competition in audio streaming poses a challenge for SIRI. Spotify leads with 44.4 million paid subscribers, followed by Apple Music and Amazon Music. Major players leverage AI and innovative tech for user enhancement. SIRI stock has dropped 50.6% this year compared to growth for SPOT, AMZN, and AAPL.

While SIRI faces tough competition, its expanding content offerings and partnerships benefit long-term growth. Advertising revenues rose 7.2% to $402 million in Q1. The Zacks Consensus Estimate for Q2 advertising revenues is $457.94 million, up 13.9% year-over-year. SIRI aims to improve monetization with its expanding podcast efforts.



Read more at Nasdaq: Sirius XM’s (SIRI) Content Expansion to Aid Subscriber Revenues