SiriusXM's third quarter 2024 financial results show significant challenges, with declining revenues and subscriber numbers. The company reported a loss of 84 cents per share, compared to earnings of 90 cents per share in the previous year. Total revenues fell 4.4% year-over-year to $2.17 billion.

Key Performance Indicators:

• Subscriber revenues declined 4.86% to $1.64 billion (75.77% of total revenues)
• Advertising revenue decreased 2.17% to $450 million (20.73% of total revenues)
• Self-pay subscribers dropped 0.99% to 31.49 million
• Net subscriber loss of 100,000 (compared to 94,000 net additions last year)
• Average revenue per user decreased 3.38% to $15.16
• Equipment revenues fell 12.24% to $43 million

Following its separation from Liberty Media, SiriusXM is now operating as an independent public company. The company has set ambitious long-term targets of reaching 50 million subscribers and generating $1.8 billion in free cash flow.

The decline in advertising revenue is attributed to:

• Increased CTV supply in the market
• Shift in advertiser spending to performance products
• Shortened election cycle
• Limited podcast inventory

The standalone segment, representing 74.94% of total revenues, reported $1.62 billion in revenue, marking a 5.46% year-over-year decrease. The total subscriber base declined by 2.39% to 33.15 million users.

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