Satellite radio firm SiriusXM reported its latest financials yesterday, with its revenues up 9% year-on-year to $1.3bn in Q3 – a record for the company.
It also reported a net profit of $194m, up 16% year-on-year, as the company added 345,000 net new subscribers during the quarter to take its total to 31 million.
Of those, 25.5 million are paying for SiriusXM’s service themselves, rather than having it bundled into the price of a new car. The company is predicting that for 2016 as a whole, its revenues will reach $5bn.
“We are keenly focused on building a successful and very profitable franchise here,” CEO Jim Meyer told analysts last night. Meyer confirmed that SiriusXM remains focused on North America, although he said “we continue to look at Mexico” as an expansion opportunity.
SiriusXM is also working with startup Whalerock to put together a video strategy, but CFO David Frear said that direct deals with music rightsholders are not on the company’s agenda.
“Our business is not the interactive music business where you actually can’t play somebody’s music out if you don’t have a direct deal with them,” he reminded analysts.