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Pandora Subs Decline While SiriusXM Adds 138,000 Subscribers

The Howard Stern-owned SiriusXM reported on Tuesday that its satellite radio unit attracted 187,000 self-pay members during the third quarter while paying promotional subscribers fell by 49,000. It gained 616,000 self-pay consumers and lost 828,000 paid promotional users over the same time last year.

Comparing the most recent period’s increase of 138,000 subscribers to the previous one’s loss of 212,000 subscribers At the end of September, Sirius reported having 32.2 million self-pay subscribers, making its overall user base 34.2 million.

Comparing the third quarter to the same period last year, the company’s Pandora streaming business lost 52,000 net self-pay members. Around 6.29 million self-pay users of Pandora were registered with the corporation as of September 30. The company’s podcasting and off-platform businesses generated $123 million in quarterly advertising revenue, an increase of 37% over the same period a year ago.

This segment is known as Pandora and Off-Platform and accounts for 40% of the company’s overall advertising revenue. Pandora reported 48.8 million monthly active users (MAUs), a 7 percent decrease from 52.6 million during the same period last year. However, the average monthly listening hours per ad-supported user increased 3 percent to 20.8 billion from 2.89 billion to 2.75 billion.

“We are pleased to report third-quarter results that reflect strong execution during the period while leaning into investments designed to ensure SiriusXM will thrive long-term,” said the CEO, Jennifer Witz.

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