Sirius XM ( SIRI Quick Quote SIRI - Free Report) havs recently announced a collaboration with Toyota Motor ( TM Quick Quote TM - Free Report) to celebrate all hybrids, which can be people or cars. Hybrid is meant to be getting the best of both the worlds.
This digital marketing campaign promotes the latest Toyota Camry hybrid and RAV4 hybrid. Both of these cars would come with three-month subscription of Sirius XM platinum plan. This plan includes Sirius XM’s full exclusive lineup of exclusive curated content and SXM app which gives SiriusXM access outside the vehicle and on connected devices and speakers.
Sirius and Toyota are bringing onboard Katya Echazarreta, an electrical engineer and the first Mexican-born woman to travel to the outer space.
The campaign has started from Feb 22, 2023, in which Enchazarreta will share her inspiring stories in a series of digital and social ads and celebrate the hybrid in all of us. The campaign would also consist of a fun interactive filter which will show that we all are hybrids in one way or another.
Inspired by Enchazarrets, Sirius XM also collaborates with Girls Who Code, helping them to close the gender disparity in technology by supporting engineers who identify as girls or non-binary. This initiative will help more students to develop computer skills needed for opportunities in the 21st century.
Slow Subscriber Growth Expectations Create Dull Prospects
This Zacks Rank #3 (Hold) company continues to reduce its marketing costs which might result in a smaller number of new subscriber additions. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Sales and marketing cost stands at $224 million for the fourth quarter of 2022 compared with $315 million in the year ago quarter, indicating a 28.9% decrease in sales and marketing cost. The management is looking to opt for a more conservative marketing spend for most of the year before the company relaunches its streaming experience in the fourth quarter. This would most likely result in lower net subscriber additions in the short run. Shares of Sirius XM have declined 27.6% in the past year, comparing with the Zacks Consumer Discretionary sector’s decline of 19.2% in the same period. The management has been planning to boost their subscribers in a very competitive market by offering quality and variety of content to its customers. The main competitors of Sirius XM in the U.S. market are Spotify ( SPOT Quick Quote SPOT - Free Report) , Apple ( AAPL Quick Quote AAPL - Free Report) music and Amazon Music. It is difficult to differentiate these streaming music companies from one another at a glance but the companies are separated mainly by the content offered and price. According to a PCMag report, Spotify is priced at $9.99 per month, Amazon music at $8.99 per month and both Apple music and Sirius XM are priced at $10.99 per month in the U.S. market. Some notable collaborations of Sirius XM are with NFL, NBA, NHL MLB, Formula 1 NASCAR and some famous podcasts are Crime Junkie, Office Ladies, Dateline NBC, Pod Save America and Conan O'Brien Needs a Friend.