SiriusXM Q1: $1.7B revenue; $993M gross profit; podcasting the star in YoY growth

To understand SiriusXM’s earnings reports, it’s important to recognize the shape of this audio behemoth.

  • The traditional and public-facing SiriusXM brand represents the subscription service delivering a broad range of proprietary audio entertainment. In official documents, this is called “SiriusXM.”
  • The company’s audio acquisitions — Pandora, Simplecast, and Adswizz, represent a reporting group cumbersomely called “Pandora and Off-Platform.

Before getting to the financial highlights, we note that podcast revenue rose in Q1 16% year-over-year. In the earnings call, CFO Thomas Barry noted that advertising revenue rose “due to higher network demand and programmatic sales.” The combined demand across streaming and podcasting was 29% above the previous year. Later in the earnings call CEO Jennifer C. Witz added the company continues to see “strong growth dynamics” in podcasting.

Financial highlights for SiriusXM

  • In the main SiriusXM business, the company reports 33 million subscribers, a decrease of 359,000 year-over-year.
  • The revenue number is $1.7 billion — a one percent decline YoY.
  • Gross profit was $993M, for a gross margin of 60%

The company notes a content expansion, putting a special light on This Life of Mine starring James Corden, which has become a top-three show.

When it comes to podcasting the company said this: “iSiriusXM continued to expand its podcasting investments during the quarter, significantly enhancing its advertising reach, while also carving out unique content experiences to drive interest and engagement to SiriusXM’s flagship service. The recent introduction of Crime Junkie Radio, led by Ashley Flowers, founder of audiochuck, is one such example.”

Financial highlights for Pandora and Off-Platform

Self-pay subscribers totaled 5.9 million — this refers to Pandora Plus and Pandora Premium, two paid tiers that offer degrees of programming control.

Subscriber revenue for the whole Pandora and Off-Platform group enjoyed a 4% lift from the previous year, to $133M. The company attributes the rise to podcasting and programmatic revenue.

Advertising revenue came in at $362-million, an increase of 8%.

Sirius reports that the cost of maintaining these services remained steady at $352M


The company reiterated its full-year 2024 guidance for revenue, adjusted EBITDA, and free cash flow:

  • Total revenue of approximately $8.75 billion,
  • Adjusted EBITDA of approximately $2.70 billion, and
  • Free cash flow of approximately $1.20 billion.


Brad Hill