SiriusXM has announced its fourth quarter and full year 2020 fiscal results, including revenue of $2.19 billion and $8.04 billion, respectively, an increase of 6% and 3%, compared to the prior year periods. The company recorded a net loss of $677 million in the fourth quarter of 2020 while full year net income totaled $131 million, down from $914 million for the full year in 2019. The decrease in net income was a result of a $976 million non-cash impairment charge associated with Pandora.
The company saw 909,000 self-pay net subscriber additions in 2020, ending with almost 30.9 million in total.
“SiriusXM turned in strong operating and financial results in 2020: we grew SiriusXM self-pay subscribers, revenue, adjusted EBITDA, and free cash flow despite the pandemic. Our new car penetration reached approximately 80% in the fourth quarter and is set to rise above 80% this year, and the incorporation of 360L, our next generation in-car entertainment platform, is accelerating,” said SiriusXM CEO Jennifer Witz. She became CEO on January 1, 2021, succeeding Jim Meyer upon his retirement.
“SiriusXM, Pandora and Stitcher, together with our investment in SoundCloud, now reach an audience of more than 150 million people. We are bolstering our position as North America’s leading audio entertainment company with new innovative talk shows and podcasts, streaming music channels targeting younger audiences, and extended deals with major media brands, such as NBCUniversal News Group. We signed an exclusive audio agreement with The Masters and secured additional digital sports rights with the NFL and NBA to benefit our streaming products. We are also thrilled Howard Stern extended his agreement to continue live broadcasts of his amazing show,” added Witz.
“The tremendous reach of SiriusXM’s platforms, the company’s unique business model, and the quality of its people attracted me to join the company last fall as CFO. All of these attributes have been affirmed in the past three months since I came on board, and it has been a pleasure to partner with Jennifer as she made the transition to CEO,” said CFO Sean Sullivan. He became CFO of SiriusXM on October 26, 2020.
