SiriusXM Reports $805 Million Revenue in Q1
SiriusXM CEO Mel
Karmazin is bullish about the satcaster’s subscriber growth and revenue.
The company today
reported first quarter 2012 revenue of $805 million, up 11% over the same
period a year ago.
Net income for the first quarters of 2012 and 2011 were $108 million and
$78 million, respectively.
Self-pay net subscriber additions improved by 148% to 299,348 and the
subscriber base rose to 22.3 million subscribers. The company said that figure
is an all-time high.
SiriusXM executives were especially pleased about the improving subscriber
base since it implemented a price increase in January.
The reaction to the price increase has “clearly exceeded expectations,”
Karmazin told analysts. He said the company is gaining subscribers despite
increased competition in the audio entertainment space from AM/FM and Internet
Executives cited improved auto sales and the general improvement in the
economy for the increase and Karmazin predicted SiriusXM will have 23.4 million
subscribers by year-end.
Asked about the Liberty Media petition filed at the FCC asking for the
agency to have the 40% shareholder declared as having “defacto control” of
SiriusXM, Karmazin directed questions to Liberty. “Liberty has not indicated to
the FCC what they want to do” with SiriusXM, he said, adding, “As we said in
our filings, 40 is not the new 50. We believe the FCC will rule they’re not in
control, but we’re waiting to hear from them.”
The company did not discuss its recent lawsuit against SoundExchange.