The new satellite radio platform will combine satellite radio with 4G LTE allowing two-way communication with consumers and more customized music for listeners.
CEO Jim Meyer said SiriusXM is now in the process of “gaining traction with OEMs” in deploying the new 360L platform. On a conference call Tuesday, he said that SiriusXM is considering offering regional programming and not just national programming under 360L.
360L will also allow SiriusXM listeners to receive on-demand programming and personalized recommendations.
Meyer said, “We have several demo cars on the road with 360L technology and we’re learning from real world testing what works and what doesn’t work.”
The company will offer more information on the deployment of 360L later this year.
SiriusXM announced it grew net subscribers by 587,00 for the second quarter, surpassing 30.6 million subscribers in total and reported a record quarterly revenue of $1.2 billion.
Net income for the quarter soared 68 percent over last year to $173 million.
SiriusXM raised its guidance for the full year to 1.7 million net new subscribers, up from prior guidance of 1.6 million.