Yahoo Finance Sirius XM (SIRI) Unveils Its Music Lineup for New Year's Eve
Sirius XM SIRI recently unveiled its extensive lineup of music programming for New Year’s Eve.
It includes Lizzo’s new channel, Lizzo Radio, which will feature Lizzo’s biggest songs and exclusive performances from her SiriusXM Small Stage Series concert. The channel will also include Lizzo’s handpicked favorites by Beyoncé, Prince, Rihanna, Cardi B, SZA and many more.
Besides this channel, Sirius XM is hosting Unholy New Year’s Eve 2023 special, live in Miami on Dec 31. The program will be hosted by HITS 1’s Mack and Sam Smith and feature exclusive performances by Lizzo, Charlie Puth, Halsey, One Republic, Cardi B and others. SiriusXM listeners across North America too can check in live on HITS 1.
Sirius XM will also air New Year’s Eve Live: Nashville’s Big Bash on the Highway channel and SXM app on Dec 31, starting from 6 pm ET. This will be a star-studded entertainment show hosted by Grammy-nominated artists Jimmie Allen and Elle King and Entertainment Tonight’s Rachel Smith.
Though these big shows featuring renowned celebrities have the potential to draw listeners to Sirius XM’s platform, the lifting of the COVID-19 restrictions after almost two years may lead to people moving outdoors and celebrating with each other. This could result in a low audience at Sirius XM for its year-end lineups.
Strong Slate of Content to Aid Sirius XM’s Stagnant Top Line
Sirius XM primarily has two sources of revenues that is advertising and subscriptions. The advertising market has seen a decline in 2022 due to inflation, which is causing companies to cut expenses. Advertising revenues of Sirius XM remained flat in third-quarter fiscal 2022. It is expected that this trend in the advertising market will prevail in the coming quarters as well.
Coming to subscriptions, Sirius XM has not been able to achieve growth here as well. In the third quarter of fiscal 2022, Sirius XM had approximately 34.17 million subscribers, down from 34.27 million in the year-ago quarter.
This shows lack of strong content, which is not being able to attract new listeners to the various platforms of Sirius XM.
Sirius XM Holdings Inc. Price and Consensus
Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote
Shares of Sirius XM have declined 8.3% year to date compared with the Zacks Consumer Discretionary sector that fell 37.7% in the same time frame.
To counter this, Sirius XM has been making efforts to strengthen its library and add new content to it.
Sirius XM’s Pandora has released its list of famous artists whom it has onboarded for 2023’s Pandora Ten, which includes Álvaro Díaz, Ayra Starr, Coco Jones, Fred again, GloRilla and others.
Sirius XM also recently announced multi-year extensions with two of its most cherished film podcasts, How Did This Get Made?, which has grown to 40 million downloads per year since launch in 2010, and Unspooled that has been downloaded over 23 million times since its launch in 2018.
Additionally, Sirius XM is also about to provide its sports fans access to 45 games this college football postseason, including the College Football Playoff Semifinals and National Championship.
These exciting slates are expected to cater to the preferences of the audience from the diversified field of interests like sports, music and movies and draw them to the platform, thus boosting userbase for Sirius XM.
Zacks Rank & Stocks to Consider
Sirius XM currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks in the same sector are Liberty Media FWONK, Hilton Grand Vacations HGV and Virco Manufacturing VIRC, each sporting a Zacks Rank #1 (Strong Buy).
Liberty Media’s share price has decreased 6.5% year to date compared with the consumer discretionary sector, which declined 36.4%. The Zacks Consensus Estimate for fourth quarter, fiscal 2022 earnings is pegged at 10 cents, which has moved up by 42% over the past 30 days.
Hilton Grand Vacations has lost 26.1% of its share price year to date. Earnings estimates for fourth quarter fiscal 2022 are pegged at 77 cents, which has been constant over the past month.
Virco Manufacturing’s share price has increased 49.5% year to date. Earnings estimates are pegged at 47 cents, which has been constant over the past month.
You can see the complete list of today’s Zacks #1 Rank stocks here.
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Sirius XM Holdings Inc. (SIRI) : Free Stock Analysis Report
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