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New Sirius XM: ‘good growth, good outlook’ -
Sirius XM: ‘good growth, good outlook’
Rose Major ©RapidTVNews | 07-07-2010
sirius-xmSatellite pay-radio operator Sirius XM has once again added subscribers in a quarter, making it three in a row, and said the trend would continue.
With 583,249 subs addeed in the second quarter of 2010, compared to a net subscriber decline of 185,999 in the second quarter of 2009, Sirius XM said it is on track to have net additions of around 1.1 million in 2010.
In the first half of this year, Sirius XM added 754,690 net subscribers compared to a loss of 590,421 net subscribers in the first half of 2009. The company ended the second quarter with a record-high 19,527,448 subscribers, an increase of more than 1.1 million subscribers from June 30, 2009.
Gross acditions for the second quarter increased by 46% and deactivations decreased by 8% compared to the second quarter of 2009. Conversion rate from a trial subscription included in the sale of a vehicle to a self-pay subscription improved in the second quarter of 2010 to 46.7%, up from 44.3% for the second quarter of 2009.
Mel Karmazin, the Chief Executive Officer of Sirius XM, said: "Our subscriber results mark the best quarter of gross additions, deactivations and net additions since the merger of Sirius and XM in July 2008. The strong execution in both adding subscribers and retaining them resulted in our record-high 19.5 million subscriber milestone, despite continued economic uncertainty,"
Karmazin added: "The further improvement in our guidance reflects the attractiveness of satellite radio but maintains a cautious outlook for continued improvement in the economy."
Sirius XM plans to release full second quarter 2010 financial results in August 2010.
© Rapid TV News 2010