Thursday morning, CEO Jim Meyer told investors, “We had a fantastic first quarter. It was a quarter to be proud of.” SiriusXM reported record Q1 revenue of $1.2 billion, up 11% over Q1 2015.
The increase was driven by an 8% increase in subscribers and a 3% increase in average revenue per user to $12.66. The company also went over 30 million subscribers by adding 465,000 net new subs in Q1. SiriusXM ended Q1 2015 with 27.7 million subs so the increase in one year was 8%. The company now expects to add 1.6 million net new total subscribers in 2016, an increase from prior guidance of 1.4 million and a total of $4.9 billion in revenue.
There are now 85 million satellite-enabled vehicles in the United States. Seventy-five percent of all new cars are now sold with a SiriusXM radio installed (that does not mean they are all in use). More than 16,000 dealers in the United States now offer trials in used cars. Liberty Insurance also offers SiriusXM trials to customers and the company says it expects to announce another major insurance provider soon. And, 10,000 locations that service vehicles offer customers a trial to SiriusXM.