Sirius XM Reports Positive First Quarter
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Sirius XM reported an all-time high of 22.3 million subscribers on its first quarter 2012 financial results, released on Monday (4/30). Based on the growth, CEO Mel Karmazin raised the 2012 subscriber growth projection to 1.5 million, an increase of 2 million.
Sirius XM is installed in more than 60 percent of new vehicles. The current basic package costs $14.49 per month.
Revenue for the first quarter was $805 million, up 11% over Q1 2011 revenue of $724 million. Net income for the first quarters of 2012 and 2011 were $108 million and $78 million, respectively.
Karmazin also said the company plans to introduce a personalized radio service later this year which would be similar to Pandora.
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Sarah Skates is Sr. News Editor of MusicRow Enterprises. Now in her eighth year with the company, she contributes to musicrow.com and the print magazine. She welcomes your feedback to sskates@musicrow.com. Please send press releases, photos, and news items to news@musicrow.com.View Author Profile
