Over a year ago, the American company SiriusXM launched a new streaming radio service for $9.99 a month, offering music, talk shows, podcasts, and sports. However, since the beginning of 2024, the company's stock has dropped by more than half, and its revenues and subscriber numbers have also declined.
This week, the company announced that it will focus on its core customers—those with satellite radio in their cars. This means that 90% of SiriusXM subscribers use the service primarily in vehicles. The company aims to retain these customers and find new growth opportunities in this important segment.
SiriusXM does not plan to shut down its streaming service, but it will use it as a complement to its main app for cars. This shift indicates that the company has somewhat stepped back from its previous ambitious claims that streaming radio would usher in a new era for it.
