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Sirius XM (SIRI) to Open a Broadcast Center in Miami in 2023
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Sirius XM (SIRI - Free Report) recently announced that it will be opening a state-of-the-art broadcast center, which will be a 50-seat performance space in Miami in 2023.
The facility will bring several artist-first radio and recording studios, in addition to office space, and feature a world-class performance space for special events, such as the Small Stage Series.
The studios will be a destination for both major stars and emerging personalities to connect with listeners and will be utilized by the company's entire slate of audio entertainment brands including SiriusXM, Pandora and Stitcher.
Miami is a vibrant center for music, art, entertainment and sports, and the SiriusXM studios will be a mecca for talent on promotional tours in the area, helping the company gain traction with existing and new customers.
Partnerships & Additional Channels Aid the Growth of Sirius XM
Along with expanding its studio presence, Sirius XM has also been successfully extending its partnerships with multiple companies.
It inked a long-term agreement with Toyota Motors, which started with 2020 models and extends till 2028. The extended partnership was primarily due to increased demand for Sirius XM’s services from Toyota’s dealers and customers. This would also let Sirius XM benefit from the expansion of 360L with General Motors, which is expected to be rolled out by the year-end.
Its new and used car penetration rates grew to 84% and 51% year over year, respectively and the enabled fleet is now approximately 145 million cars.
In second-quarter fiscal 2022, Sirius XM entered new sign-ups on key connected TV platforms, including Amazon Fire android TV, LG and Roku. It also closed an agreement with Comcast, its first broadband TV provider, which includes launching a fully integrated SiriusXM audio experience to millions of Comcast customers on the Xfinity platform, which is also expected to support video later this year.
The streaming division of Sirius XM has also been performing well as the company has been adding new channels for music, sports and entertainment.
The company also created top-up channels for Black Music Appreciation Month to celebrate the music of black artists such as Whitney Houston, Tupac, Biggie and Prince. Such unique content contributed to a 41% year-over-year increase in on-demand music listening in the SXM app.
This year also awaits Tonight's Moneskin, small-stage series event and Pearl Jam with the Apollo, which shall be providing exclusive experience to subscribers.
Sirius XM has introduced two exclusive sports channels, SiriusXM Big Ten Radio and SiriusXM Big 12 Radio, which will provide in-depth access and extensive live-game coverage. Additionally, Sirius XM is expected to add 100 streaming channels to its app.
What's in Store for Sirius XM in the Rest of 2022?
The company’s margins are under pressure as increasing Original Equipment Manufacturer (“OEM”) installations and higher OEM hardware subsidy rates are resulting in higher subscriber acquisition costs. The growing music licensing costs are another headwind.
Sirius XM’s revenues have a high dependence on the auto industry as it provides radio service to it. A slowdown in the sales of new or used cars can affect the company’s growth.
Apple’s shares have declined 21.7% year to date. Apple continues to bolster its presence in the music streaming space, backed by acquisitions of Shazam and Asaii. The company recently got into the Augmented Reality (“AR”) market, differentiating its music service offerings and AR initiatives.
Spotify’s shares have lost 64.9% year to date. Spotify’s partnerships with Samsung and Google are expected to boost its subscriber base. Its solid focus on the personalization of playlists enhances the music experience for users.
Amazon’s shares have declined 32.7% in the same time frame. Amazon is gaining strong momentum in the music streaming market as its premium music subscription service, Amazon Music Unlimited, allows music lovers to listen to any song anytime and anywhere on all types of devices, including smartphones, tablets, PC/Mac, Fire TV and Alexa-enabled devices like Amazon Echo.
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Sirius XM (SIRI) to Open a Broadcast Center in Miami in 2023
Sirius XM (SIRI - Free Report) recently announced that it will be opening a state-of-the-art broadcast center, which will be a 50-seat performance space in Miami in 2023.
The facility will bring several artist-first radio and recording studios, in addition to office space, and feature a world-class performance space for special events, such as the Small Stage Series.
The studios will be a destination for both major stars and emerging personalities to connect with listeners and will be utilized by the company's entire slate of audio entertainment brands including SiriusXM, Pandora and Stitcher.
Miami is a vibrant center for music, art, entertainment and sports, and the SiriusXM studios will be a mecca for talent on promotional tours in the area, helping the company gain traction with existing and new customers.
Partnerships & Additional Channels Aid the Growth of Sirius XM
Along with expanding its studio presence, Sirius XM has also been successfully extending its partnerships with multiple companies.
It inked a long-term agreement with Toyota Motors, which started with 2020 models and extends till 2028. The extended partnership was primarily due to increased demand for Sirius XM’s services from Toyota’s dealers and customers. This would also let Sirius XM benefit from the expansion of 360L with General Motors, which is expected to be rolled out by the year-end.
Its new and used car penetration rates grew to 84% and 51% year over year, respectively and the enabled fleet is now approximately 145 million cars.
In second-quarter fiscal 2022, Sirius XM entered new sign-ups on key connected TV platforms, including Amazon Fire android TV, LG and Roku. It also closed an agreement with Comcast, its first broadband TV provider, which includes launching a fully integrated SiriusXM audio experience to millions of Comcast customers on the Xfinity platform, which is also expected to support video later this year.
Sirius XM Holdings Inc. Price and Consensus
Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote
The streaming division of Sirius XM has also been performing well as the company has been adding new channels for music, sports and entertainment.
The company also created top-up channels for Black Music Appreciation Month to celebrate the music of black artists such as Whitney Houston, Tupac, Biggie and Prince. Such unique content contributed to a 41% year-over-year increase in on-demand music listening in the SXM app.
This year also awaits Tonight's Moneskin, small-stage series event and Pearl Jam with the Apollo, which shall be providing exclusive experience to subscribers.
Sirius XM has introduced two exclusive sports channels, SiriusXM Big Ten Radio and SiriusXM Big 12 Radio, which will provide in-depth access and extensive live-game coverage. Additionally, Sirius XM is expected to add 100 streaming channels to its app.
What's in Store for Sirius XM in the Rest of 2022?
Sirius XM currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company’s margins are under pressure as increasing Original Equipment Manufacturer (“OEM”) installations and higher OEM hardware subsidy rates are resulting in higher subscriber acquisition costs. The growing music licensing costs are another headwind.
Sirius XM’s revenues have a high dependence on the auto industry as it provides radio service to it. A slowdown in the sales of new or used cars can affect the company’s growth.
Sirius XM’s shares have declined 6% year to date compared with the Zacks Consumer Discretionary Sector, which declined 41.6%. Sirius is also facing stiff competition from Apple (AAPL - Free Report) , Spotify (SPOT - Free Report) and Amazon (AMZN - Free Report) .
Apple’s shares have declined 21.7% year to date. Apple continues to bolster its presence in the music streaming space, backed by acquisitions of Shazam and Asaii. The company recently got into the Augmented Reality (“AR”) market, differentiating its music service offerings and AR initiatives.
Spotify’s shares have lost 64.9% year to date. Spotify’s partnerships with Samsung and Google are expected to boost its subscriber base. Its solid focus on the personalization of playlists enhances the music experience for users.
Amazon’s shares have declined 32.7% in the same time frame. Amazon is gaining strong momentum in the music streaming market as its premium music subscription service, Amazon Music Unlimited, allows music lovers to listen to any song anytime and anywhere on all types of devices, including smartphones, tablets, PC/Mac, Fire TV and Alexa-enabled devices like Amazon Echo.