SiriusXM to Broaden Its Free, Ad-Supported Radio Tier

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In 2024, SiriusXM introduced a free, ad-supported offering of certain channels in a limited number of vehicles that would further the satellite broadcaster’s competition with over-the-air radio. Now the company has bigger plans for 2025.

The news came as SiriusXM reported its fourth-quarter and full-year 2024 financial results, revealing total revenue of $2.19 billion for Q4 and $8.7 billion for the full year, reflecting declines of 4% and 3% respectively compared to 2023. The company posted a net income of $287 million in Q4 but a full-year net loss of $2.08 billion, largely attributed to a non-cash impairment charge of $3.36 billion recorded in the third quarter.

SiriusXM ended 2024 with 33 million total subscribers. While self-pay subscribers increased by 149,000 in Q4, the company experienced a net decline of 296,000 over the year – an improvement over 2023’s 445,000 subscriber loss. Paid promotional subscribers decreased by 353,000 for the full year, though the trial funnel remained strong at 7.3 million.

Enter Free Access. Free Access was designed to keep those with SiriusXM’s 360L hybrid radios in their automobiles engaged after their paid subscriptions or trial periods end. Initially launched in Nissan and Polestar vehicles, SiriusXM plans to extend the 41 curated channels to additional automakers later this year and is exploring the rollout of hyper-personalized ads through the service.

Beyond Free Access, SiriusXM continues to invest in its digital infrastructure to enhance user experience across platforms. Following the December 2023 relaunch of the SiriusXM App, updates have focused on improved content discovery, a refined podcast interface, and enhanced music and talk programming.

Outside of its broadcast arm, Pandora and off-platform businesses, including ad sales across podcasts and third-party streaming platforms, generated $2.15 billion in revenue for 2024, up 2% from the prior year. Self-pay subscribers for Pandora Plus and Pandora Premium declined by 101,000 in Q4, ending the year at 5.8 million.

For 2025, SiriusXM reaffirmed its financial outlook, projecting total revenue of approximately $8.5 billion.

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