Yahoo Finance Sirius XM (SIRI) Expands in North America With New Studio
Sirius XM SIRI recently expanded its footprint in North America with the opening of a state-of-the-art broadcast studio in Las Vegas, NV, which is situated inside the luxurious Wynn Las Vegas on the renowned Strip.
This new location enhances SiriusXM’s presence in key cities across the continent. The Las Vegas studio joins the network of SIRI’s prominent studios, including its headquarters at New York City’s Rockefeller Center, Washington, DC, West Hollywood, Miami’s South Beach and a new hub in Nashville.
To commemorate the launch of the new studio, seven-time GRAMMY Award-winning artist John Mayer will host a special live broadcast on Jun 5 from his SiriusXM channel, Life with John Mayer. This exclusive event will feature Mayer sharing his favorite songs and artists and engaging with listeners from around the country.
The SiriusXM Studio at Wynn Las Vegas is set to host a variety of shows, including a new series by hip-hop legend and Rock and Roll Hall of Famer Flavor Flav. Premiering on Jun 10, Flavor Flav’s Flavor of the Week will air weekly on LL COOL J’s Rock The Bells Radio channel, featuring classic hip-hop tracks and stories from Flav’s iconic career with Public Enemy and his experiences as a TV personality.
In the first quarter of 2024, SiriusXM made significant strides in expanding its content lineup with the successful launch of the exclusive series, This Life of Mine, hosted by James Corden, which quickly became a top three on-demand talk show. Featuring interviews with high-profile celebrities like Kim Kardashian and Dr. Dre, the show has bolstered SIRI's media presence and attracted new listeners.
These initiatives have reinforced the company's distinctive content offerings, driving subscriber interest and bolstering its position in the audio entertainment market. This trend is likely to continue in the upcoming quarters.
Sirius XM Holdings Inc. Price and Consensus
Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote
Sirius XM’s New Podcasts to Aid Subscriber Growth
The company recently unveiled some notable podcasts, which are expected to aid subscriber growth in the rest of 2024. The Zacks Consensus Estimate for SIRI’s 2024 subscribers is pegged at 33.95 million, indicating year-over-year growth of 0.22%. The consensus estimate for 2024 revenues is pegged at $8.81 billion, indicating a year-over-year decline of 1.63%.
These include the nationwide coverage of the 2024 Formula 1 Grand Prix de Monaco, live call of the race from Indianapolis Motor Speedway, 2024 PGA Championship and Where Everybody Knows Your Name with Ted Danson and Woody Harrelson.
Sirius XM also signed an exclusive podcast partnership with Dirty Mo Media, the multimedia platform owned by NASCAR Hall-of-Famer Dale Earnhardt Jr. This agreement grants SIRI exclusive advertising and distribution rights to Dirty Mo's programming slate on the SiriusXM Podcast Network.
SIRI unveiled the launch of two exclusive channels, Avicii Radio and Chris Stapleton Radio, catering to diverse music tastes. Avicii Radio pays tribute to the celebrated Swedish artist Avicii, in collaboration with the Tim Bergling Foundation, offering listeners insights into his life and musical journey. On the other hand, the 10-time GRAMMY award-winning singer-songwriter Chris Stapleton Radio promises a year-round immersive experience for fans of Stapleton's soulful tunes.
However, shares of this Zacks Rank #3 (Hold) company have plunged 49.4% in the year-to-date period against the Zacks Consumer Discretionary sector’s growth of 10.9% due to increasing competition from music giants like Spotify Technology SPOT, Apple AAPL music and Amazon.com AMZN music. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Apple Music boasts 32.6 million paid subscribers, while Spotify leads with 44.4 million and Amazon Music follows closely with 29.3 million. SiriusXM has a total subscriber base of 31.9 million, according to a report by Music Business Worldwide.
SIRI has unveiled a significant nationwide multi-platform advertising initiative named Closer. This campaign illustrates how SIRI connects listeners to what inspires them. The move is anticipated to bolster SiriusXM's competitive edge in the forthcoming quarters.
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