SiriusXM Says More CarPlay Integration Due

share on:
SiriusXM New Premium VIP Plan

SiriusXM announced it will offer more CarPlay and Android Auto integration.

On a call with analysts Thursday, the satellite radio provider said that it will “enhance CarPlay and Android auto integration,” later this year as well as  give customers improved ability to discover content in its service.

We asked SiriusXM for more details but it said no further information will be released at this time.

SiriusXM also said it expects to make some announcements regarding electric vehicles in the future.

CEO Jennifer Witz said, “… we are in some of the Tesla models, and we clearly would like to be in more of the Tesla models, and we’re working very closely with them to be able to execute on that. But I would speak more broadly just for a minute on EVs. What we certainly know to be true is that consumers want SiriusXM when they buy a new car. And especially the affluent buyers of many of these EV companies, including the start-ups that are just starting to produce vehicles this year.”

NavToolThe statements came during SiriusXM’s second quarter 2022 earnings call, where it reported higher revenues of $1.7 billion, up from $1.6 billion a year ago, but lower profits of $292 million compared to $433 million for the quarter a year ago.

The company said it felt the impact of the slowdown in car sales but its streaming subscriptions are up significantly.

SiriusXM added 23,000 net new self-pay subscribers and 54,000 paid promotional subscribers during the quarter. Total subscribers are at 34 million.  Churn remained steady at about 1.5 percent.

The satellite radio company said it is facing the same challenges as others in the industry and it is “watching cancellations closely” given the greater economy, but it did not reduce its  sales and earnings forecasts for the full year (as have many companies in recent weeks).

SiriusXM’s penetration of new cars is at 84 percent and in used cars, 51 percent.  In total 145 million cars include SiriusXM capability.

 

Want to receive industry news? Sign up here
share on:

Leave a Response