US satellite radio firm SiriusXM reported its latest financial results overnight, with its Q2 revenues of $2.16bn having grown by 15% year-on-year.
The company added 355,000 net new self-pay subscribers during the quarter, taking it to 31.4 million overall. Less positively, SiriusXM is still struggling to reverse the listener decline of its music streaming subsidiary Pandora. The latter service had 55.1 million monthly active users in Q2, down from 59.6 million a year ago, and 55.9 million at the end of Q1 this year.
Pandora’s advertising business is a brighter spot: its revenues grew by 82% year-on-year to $383m, although that year-ago quarter took a significant hit from Covid-19. That’s why SiriusXM pointed out in its financials announcement that Pandora’s ad revenues are up 25% from Q2 two years ago – so there is organic growth too.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!