SiriusXM reaches 32 million paying subscribers in 2021 adding 1,152,000 net new subscribers for 2021, a 27% increase from the 909,000 added in 2020. Total revenue for the group reached a record $8.70 Bn in 2021 – an Increase of 8% compared to 2020. Net income climbed to $1.3 Bn which exceeded expectations for the year.
SiriusXM’s hardware was incorporated into approximately 82% of new vehicles sold in the US in 2021, up from approximately 78% in 2020. The company exited 2021 with just over 25% of SiriusXM-equipped vehicles sold in Q4 2021 incorporating 360L, the company’s platform that combines streaming and satellite-delivered content for an enhanced consumer experience.
The Pandora streaming arm of the business saw Monthly Active Users (MAUs) at 52.3 million in 2021, down from 58.9 million in the prior year. Despite this both advertising revenue and paid for subscriptions increased resulting in gross profit in the Pandora segment of $743 million, up 30% over 2020, and produced a gross margin for the year of 36%, up 6% from prior year.
Advertising revenue increased 30% year on year helped by the acquisition of Stitcher in the fourth quarter of 2020. Stitcher now contributes nearly 23% of Pandora’s total revenue. Paid for subscriptions increased by 45,000 in 2021 to end the period with 6.3 million Pandora Plus and Pandora Premium subscribers.
The company is forecasting an increase of approximately 500,000 paid subscribers in 2022 and a total revenue of $9 Bn for the year.
The full financial results for the company can be found here.
