SiriusXM said today it plans to upgrade its streaming app in the fourth quarter, and outlined continued growth in its new 360L service (that includes Pandora streaming and extra channels).
The app upgrade will offer listeners “enhanced” recommendations based on their listening tastes.
SiriusXM CEO Jennifer Witz said, “Everything we do on our streaming experience will ultimately benefit 360L.”
The 360L SiriusXM platform is now in 20 OEM vehicle brands. It is enabled in 7 million vehicles on the road. The penetration of new enabled vehicles with 360L is now 27 percent and is expected to rise this year.
“360L is quickly becoming the new standard for SiriusXM,” said Witz. And one of the most “impactful features” in 360L is its “For You” recommendations, she told analysts on a conference call Thursday.
360L will become available through an aftermarket radio for the first time this month via Alpine. It is also available as an add-on device through SiriusXM’s The Tour.
All in all, SiriusXM is now in 150 million vehicles. Its penetration in new cars is 83 percent, and in used cars, 53 percent.
The satellite radio company presented a view of the automotive environment. Used car prices “are stalling,” but still remain high, and sales are further challenged by higher interest rates. In 2022, used car sales fell to about a 10 year low and they’re expected to fall again slightly this year.
New car sales in 2022 were the lowest they’ve been in 11 years. Analysts expect new car sales to rise modestly this year, by about six percent.
SiriusXM reported sales of $9 billion (including Pandora) for the full year 2022. Revenue was flat for the quarter at $2.28 billion and up by 4 percent for the year.
For SiriusXM alone, sales for the year were $6.9 billion, up 4 percent. Self-pay subscribers hit a record high of 32.4 million, an increase of 348K.
Total company net income was $1.21 billion for the year and $365 million for the quarter. This compared to net income in 2021 of $1.31 billion and $318 million, respectively.
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