US satellite-radio firm SiriusXM has reported a big rise in net profits for the company’s latest quarterly financials. Its revenues grew by 10% year-on-year to $1.2bn in the second quarter of 2016, but its net income rose 68% to $173m.
SiriusXM added 587k net new subscribers during the quarter, taking its total paying customers to 30.6 million – up 8% year-on-year. 25.1 million of those people are “self-paying” subscribers, stumping up the monthly cost themselves rather than getting it as part of a car purchase. “We added more paid subscribers in the United States during the second quarter than any other public media company,” CEO Jim Meyer told analysts during the company’s earnings call. He also talked music-streaming. “It is fair to say today there is zero impact on our business from streaming, okay? We just don’t see it,” he said, before knocking back a question about the potential for SiriusXM major shareholder Liberty Media to buy Pandora. That said: “Of all the streaming models out there and companies out there, it’s our guess that Pandora probably has the best chance of becoming profitable and probably has the most reasonable business model in that class,” said Meyer.
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