Yahoo Finance Sirius XM's (SIRI) Content Expansion Boosts Near-Term Prospects
Sirius XM SIRI has been constantly investing to expand its content. This constant expansion of content has been a major positive for the company.
In the first quarter of 2024, SiriusXM significantly expanded its content lineup with the successful debut of the exclusive series, This Life of Mine, hosted by James Corden. It featured interviews with high-profile celebrities, such as Kim Kardashian and Dr. Dre.
The company intends to build on the success with a multi-year collaboration to produce a new podcast with the National Baseball Hall of Fame and Museum, which will debut on Jun 8. Season 1 will run from June through October, featuring weekly episodes where SiriusXM host Jon Paul Morosi engages in in-depth conversations with different Hall of Famers.
Election into the Baseball Hall of Fame represents the pinnacle of baseball achievement and this podcast will allow listeners to hear directly from these iconic players. They will share their personal experiences, reflecting on their careers, memorable moments and the challenges they overcame on their journey to being recognized among baseball’s elite.
The series will premiere with an episode featuring Hall of Fame catcher Johnny Bench. Subsequent episodes will include interviews with other notable inductees, such as Ozzie Smith, Cal Ripken Jr., George Brett, John Smoltz, Tom Glavine, Craig Biggio, Joe Torre and many more. Each conversation aims to provide an intimate glimpse into the lives and careers of these baseball players.
These initiatives have strengthened the company's unique content offerings, increasing subscribers and solidifying its position in the audio entertainment market. This positive trend is expected 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 Upcoming Podcasts to Aid Subscriber Revenues
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 subscriber revenues is pegged at $6.66 billion, indicating year-over-year growth of 0.22%. The consensus estimate for 2024 earnings is pegged at 31 cents per share, indicating a year-over-year decline of 3.13%.
SiriusXM has signed an exclusive podcast partnership with Dirty Mo Media, owned by NASCAR Hall-of-Famer Dale Earnhardt Jr., granting exclusive advertising and distribution rights to its programming. Additionally, content includes live coverage of major events like the 2024 Formula 1 Grand Prix de Monaco and the 2024 PGA Championship.
SIRI and Pandora are celebrating Black Music Month with a series of special programming, culminating in a performance by GRAMMY Award-winning artist Coco Jones. Throughout June, SiriusXM's The Power of Music Legacy campaign honors influential Black artists and creatives. Highlights include a pop-up channel in collaboration with Notorious B.I.G.'s estate, an exclusive channel for R&B/Pop supergroup New Edition and the return of Black Music Forever. New shows, such as Armani White's The Whisper Room on Hip-Hop Nation and Flavor Flav’s Flavor of the Week on LL COOL J’s Rock The Bells Radio, are going to debut this month.
Hartbeat, Kevin Hart's entertainment company, has launched Off Topic with Yamaneika on SiriusXM, a new weekly pop culture show hosted by comedian Yamaneika Saunders. Airing three times a week, the show features Yamaneika's bold and humorous takes on trending topics and pop culture, often veering into unpredictable and entertaining tangents.
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.
Spotify leads with 44.4 million paid subscribers, followed by Apple Music with 32.6 million and Amazon Music with 29.3 million. SiriusXM has a total subscriber base of 31.9 million, according to a report by Music Business Worldwide.
SiriusXM is fending off competition by launching exclusive channels like Avicii Radio and Chris Stapleton Radio, offering unique and immersive experiences that cater to diverse music tastes.
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