Sirius XM Holdings Inc. reports developments across its North American audio entertainment portfolio, including the flagship SiriusXM satellite and streaming subscription service, Pandora streaming services, a podcast network, and business and advertising solutions. Company news commonly covers operating and financial results, subscriber and advertising trends, programming across music, talk, news, and sports, and distribution through vehicles and streaming platforms.
Updates also include board-declared cash dividends, debt financing activity at Sirius XM Radio LLC, tender offers for senior notes, and advertising sales relationships handled through SiriusXM Media. These releases connect the company's subscription audio, ad-supported streaming, podcast, and advertising businesses with its capital-allocation and balance-sheet actions.
Maxar Technologies and SiriusXM announced on July 29, 2021 that the SXM-8 satellite has successfully completed in-orbit testing and is now operational. The satellite, launched on June 6, 2021, is designed to provide over 15 years of service, enhancing SiriusXM's audio programming across the U.S., Canada, and the Caribbean. This deployment marks an important milestone in SiriusXM's efforts to improve service quality and expand coverage, ensuring reliable delivery of entertainment and information services well into 2036.
SiriusXM reported strong second quarter 2021 results with $2.16 billion in revenue, a 15% increase from the previous year. Net income surged to $433 million, up from $243 million, boosted by $140 million in insurance recoveries. The company added 355,000 self-pay subscribers, targeting 1.1 million new subscribers by year-end. Adjusted EBITDA rose to $700 million, a 14% increase year-over-year. Advertising revenue also soared 82% to $383 million, reflecting strong demand. The company raised its full-year 2021 guidance across several metrics.
SiriusXM has launched the new Platinum VIP subscription package, priced at $34.99 per month, offering comprehensive access to over 300 channels across two vehicles and the SXM App. Subscribers will enjoy exclusive perks, including VIP access to events, personalized customer service, and extensive concert recordings via nugs.net. This package provides access to more than 5,000 soundboard-quality live concert recordings and caters to music fans by featuring a plethora of artists. The launch coincides with a rebranding of SiriusXM's subscription tiers for greater clarity.
SiriusXM has declared a quarterly cash dividend of $0.014641 per share, payable on August 30, 2021. Additionally, the Board has authorized an extra $2 billion for stock repurchases, raising the total to $18 billion since 2013. This move aims to enhance shareholder value and reflects confidence in the company's long-term growth. SiriusXM will fund the buybacks through available cash, operational cash flow, and future borrowings, while continuing to invest in programming and strategic opportunities.
Pandora has expanded its 'Billionaires' artist milestone program with the introduction of eight new music stations celebrating top-streamed acts across genres like Pop, Country, Hip Hop, and more. Available now, these stations feature artists who have surpassed one billion streams on Pandora. The initiative aims to enhance user engagement by allowing fans to enjoy music from iconic artists like Jason Aldean and Taylor Swift. The program began in 2018 and will continue to evolve as more artists reach this significant streaming milestone.
Sirius XM Connected Vehicles Service, Inc. (SiriusXM CV) has been awarded the 2020 North American Company of the Year in the telematics industry by Frost & Sullivan. Recognized for its innovative connected vehicle platform, SiriusXM CV offers advanced services like automatic crash notification (ACN+) and enhanced roadside assistance. The ACN+ technology improves emergency response by digitally sharing data with 911, enhancing safety and reliability. SiriusXM CV currently services over 12 million vehicles and continues to expand its offerings, including an in-vehicle payment solution through partnerships with PayTollo and Visa.
SiriusXM will broadcast extensive audio coverage for The 149th Open Championship from July 15-18 at Royal St. George's Golf Club in Kent, England. Subscribers will have access to 46 hours of live coverage on the exclusive 'The Open Radio' channel (SiriusXM channel 92), starting at 2:00 am ET on July 15-16 and 4:00 am ET on July 17-18. The programming includes daily postgame shows hosted by golf experts and highlights from notable champions. SiriusXM holds the broadcast rights through arrangements with The R&A and NBCUniversal.
Pandora announced a virtual concert, Pandora LIVE, featuring Ed Sheeran on July 14, celebrating his new single, "Bad Habits". The event will also feature performances from Tones And I and Maisie Peters. Hosted by Mikey Piff, it includes an interview with Ed. In collaboration with State Farm, a special station called Pandora Live Backstage will launch to provide exclusive content. The event will air on SiriusXM Hits 1 and will have various interactive elements sponsored by brands like Neutrogena and Wendy's.
SiriusXM announced that Megyn Kelly will host a new live talk program, The Megyn Kelly Show, starting September 7, 2021, airing weekdays from 12-2 pm ET on channel 111. This exclusive agreement aims to engage Kelly's audience and expand SiriusXM's political and news programming. Prior to the live launch, best-of shows will air beginning August 16. Subscribers will also have access to video content and a podcast version on various platforms. Kelly's successful podcast demonstrates a strong demand for her content, which aligns with SiriusXM's growth strategy in audio entertainment.
SiriusXM has launched 'Good Vibrations: The Beach Boys Channel', a limited-engagement channel showcasing the band's legendary music from July 1 to August 31. Featuring hits, rarities, and exclusive stories, the channel also anticipates the August 27 release of the extensive box set 'Feel Flows – The Sunflower and Surf's Up Sessions 1969-1971', which includes 135 tracks, 108 of which are unreleased. Subscribers can access the channel on various platforms, enhancing SiriusXM's content offering during the summer.