This time we get the good news from SiriusXM which reported an overall increase of 5% on revenue of $2 Billion in the first quarter. Advertising revenue was up 24%. CEO Jennifer Witz said it was a great performance “across the board” for the company.
Witz says like many companies, SiriusXM is benefiting from Americans getting back on the road, growing auto sales and consumer incomes bolstered by significant federal stimulus.
Automobiles are in high demand across the country as automakers face problems getting the parts they need to build the vehicles fast enough. SiriusXM did have its stronger quarter even for subscription trial starts.
Pandora generated $321 million in revenue for the company. Despite the strong revenue the Pandora segment continues to lose listeners and Witz says the company is working on improving the user experience.
SiriusXM now has 34.5 million subscribers. 31 million are self-pay subs. 126,000 were added in the quarter.
