Strong auto sales prompt Sirius to raise subscriber outlook
(Reuters) - Sirius XM Radio Inc (SIRI.O) said Tuesday that the number of people paying for its radio service rose to 25 million in the second quarter, helped by strong auto sales, and it raised its subscriber expectations for the year.
Jim Meyer, chief executive officer of Sirius, said the 715,000 net new subscriber additions in the second quarter, up 15 percent, set a record since Liberty Media Corp (LMCA.O) took control of the company.
For the year, Sirius increased its forecast of net subscriber additions by 100,000 to 1.5 million.
Sirius competes with a host of music services, including Pandora Media Inc (P.N), which is also making a push to make its online streaming service more easily available in autos.
(Reporting by Jennifer Saba in New York; Editing by Gerald E. McCormick)
- Insight: How U.S. spying cost Boeing multibillion-dollar jet contract
- Exclusive: Secret contract tied NSA and security industry pioneer |
- With Fed out of the way, what's next on Wall Street?
- Insight: For Chinese farmers, a rare welcome in Russia's Far East
- Millions of Target shoppers face new debit card limits |