Sirius XM Reports Positive First Quarter
Sirius XM reported an all-time high of 22.3 million subscribers on its first quarter 2012 financial results, released on Monday (4/30). Based on the growth, CEO Mel Karmazin raised the 2012 subscriber growth projection to 1.5 million, an increase of 2 million.
Sirius XM is installed in more than 60 percent of new vehicles. The current basic package costs $14.49 per month.
Revenue for the first quarter was $805 million, up 11% over Q1 2011 revenue of $724 million. Net income for the first quarters of 2012 and 2011 were $108 million and $78 million, respectively.
Karmazin also said the company plans to introduce a personalized radio service later this year which would be similar to Pandora.
Sarah Skates has been a writer and editor in the music business since 2004. She is a longtime contributor to MusicRow.
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