SiriusXM subscriber numbers are up

SiriusXM added 131,000 new self-pay subscribers in the fourth quarter to its satellite radio service. And it ended 2023 with about 34 million subscribers. The company is not committing to increasing those numbers in 2024, but as the car market continues to improve, SiriusXM says it has 7.2 million vehicle trial subscribers in its funnel, which is up from 6.8 million at the end of 2022. It is steering clear of forecasting how many new subscribers it will add in 2024, however.

“This growth resulted from improved streaming and in-car additions and was bolstered by continued positive responses to a robust content slate,” CEO Jennifer Witz said. She told analysts during a conference call that a new artist channel from John Mayer has become one of its most listened to artist-branded channels.

While subscriber numbers rose, SiriusXM had $2.29 billion of revenue during the fourth quarter, as it closed 2023 with $8.95 billion in total revenue – both relatively flat versus the prior year. Most of last year’s revenue ($6.8 billion) came from its satellite radio business.