SiriusXM Turns in $2 Billion Quarter

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On Tuesday, SiriusXM reported first quarter revenue came in at $2.06 billion, an increase of 5% compared Q1 2020. The company recorded net income of $219 million in the first quarter of 2021, compared to $293 million in the prior year period and 126,000 self-pay net subscribers were added, an increase of 83% over last year.

About the strong quarter, CEO Jennifer Witz said, “I am pleased to announce SiriusXM has started the year impressively – we added 126,000 self-pay net subscribers, an 83% increase as compared to the period a year ago, saw a first quarter record-low churn rate of 1.6%, and are reporting a new record-high quarterly adjusted EBITDA figure. These strong results reflect the value we bring to our listeners through the breadth and depth of our content. Our advertising revenue grew 24%, driven by robust monetization of both on- and off-platform opportunities, as well as the growing podcast market. While we are benefiting from the broader reopening of the economy and the acceleration of consumers’ digital adoption, the meaningful long-term investments we’ve been making are also paying off. This includes creating and delivering compelling content, strengthening our digital product experiences, and scaling a full suite of end-to-end distribution and monetization solutions for content creators and publishers. We are extremely focused on achieving our 2021 goals and reinforcing our long-term position as North America’s premier audio entertainment company.”

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