Today, the company provides sports, news, and entertainment channels. It has more than 300 radio stations and features an extensive array of music. Users can save their favorite stations and listen to them on-demand. They can even create their own ad-free stations. You can hear dozens of Xtra channels and thousands of hours of On Demand content.
The company"s revenues have increased over the last few years. In the third quarter, it saw year-over-year revenue growth of 4%. Analysts expect it to continue the trend. However, it recently warned that it could cut staff in coming weeks. This comes as it plans to cut costs and efficiency.
The company is a satellite-based media and entertainment service that serves clients in the United States. It produces programs in Texas and outside the state. It has a staff of 5,590.
The company"s Q4 revenue is projected to increase 1%. However, analysts expect a decline in its paid promotional subscribers, which is down 49,000 from the previous year. Despite the reduction, SiriusXM"s self-pay subscribers increased by 187,000. That was enough to push its total number of subscribers to 32.2 million.
SiriusXM has received a lot of attention from the government in recent months. A couple of class-action lawsuits were filed against the company for violating the Telephone Consumer Protection Act (TCPA). According to Bloomberg News, the office of the Texas Comptroller of Public Accounts attempted to tax the company. During the process, it was revealed that the company had been making calls to consumers on the national Do-Not-Call Registry.
As a result, the company has been forced to settle the lawsuits for $60 million over five years. In addition, the company must pay music publishers royalties. These royalties are not as lucrative as the payments made by streaming services.
In November, the company warned that it might cut employees. It plans to reduce its headcount by 2.4% in the next three years. Although the exact number of job cuts is not known, it was suggested that management could cut a few hundred jobs.
SiriusXM"s Q4 revenue growth was slow. Its seasonally adjusted annual rate estimate was down to 14.8 million from 16.6 million. Even with the drop, the company"s sales were up 3%. Moreover, the company"s shares have increased 2% so far in the year.
The company has also invested more money in podcasting. The company"s podcast library includes more than 700 shows. Streaming services have taken over the music industry, and SiriusXM is among them.
For example, SiriusXM"s XM21 channel features Ramones bands. Additionally, it plays music from the Grateful Dead and Bruce Springsteen. While the majority of its content is audio, it also provides information about songs and artists.
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