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Welcome to the latest Executive Turntable, Billboard’s weekly compendium of promotions, hirings, exits and firings — and all things in between — across the music business. There’s a full slate of personnel news this week, so let’s hop to it.
Long-time listener, first-time employee Rich Baer joined SiriusXM Holdings as the satellite radio giant’s new executive vp, general counsel and secretary, effective March 3. Baer, who replaces the retiring Patrick Donnelly, boasts over 40 years of legal and business experience, most recently serving as chief legal officer at Airbnb before hanging it up in 2023. “I failed at retirement,” he joked this week. His extensive career also includes roles as chief administrative officer and chief legal officer at Liberty Media, evp and CLO at UnitedHealth Group, and general counsel at Qwest Communications. Baer began his legal career as a homicide prosecutor in Brooklyn before leading the litigation department at a Denver law firm. He’ll report to SiriusXM CEO Jennifer Witz, who highlighted Baer’s background in counseling complex companies and said “his ability to navigate legal issues and balance the needs of a business will enable him to succeed here.” Witz also honored outgoing GC Patrick Donnelly, recognizing his nearly 27 years of dedicated service.
Partisan Records hired Nick Wagner as the indie label’s new chief financial officer, effective late last year. Based in NYC and reporting to president and co-founder Tim Putnam, Wagner will oversee global financial operations, strategic planning, team management and growth initiatives at Partisan, home to PJ Harvey, IDLES and more. Wagner brings extensive experience from his previous role as global vp of business operations at Endeavor, where he improved operational efficiency across the company’s portfolio. He also served as vp of finance at Warner Music Group, focusing on artist-driven growth in digital and social media. Additionally, Wagner led the North America Digital Media division at Vice Media Group, managing finance and operations for brands like Noisey and Vice.com.
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Sony Music Nashville has promoted Mallory Michaels to vice president of radio marketing & promotion. In the new role, Michaels will develop and implement strategic and tactical national radio promotion plans for rostered artists at Sony Music Nashville, supporting both Columbia Nashville and RCA Nashville imprints. Michaels will report to senior vp, radio marketing & promotion Dennis Reese. Michaels joined SMN in 2018 and previously held roles at Warner Music Nashville and Red Bow Records. –Jessica Nicholson
Mike Faul / Courtesy Photo
Dynamic Talent International appointed veteran marketer Mike Faul to lead its newly launched Brand Partnerships division. Based in New York, Faul will spearhead efforts to connect creative talent with top brands across industries like fashion, technology, luxury, lifestyle and media. The division will focus on sponsorship acquisition, co-branded content creation and immersive experiential activations, aiming to craft bespoke campaigns that amplify both brand identities and artistic expression. Faul brings extensive experience to the role, having worked with major names like YouTube, MTV, A24, The North Face and Taco Bell. In 2017, he founded Sub Rosa Curation, driving innovative marketing initiatives across sports and entertainment. Prior to that, he served as marketing manager at Bagavagabonds, curating festival programming for brands like Vans, Toyota and Anheuser-Busch. DTI, a leading talent management firm with offices in Sacramento, Los Angeles, Nashville, New York and Poland, is known for its forward-thinking approach in supporting artists. The firm recently celebrated Taemin’s sold-out show at the Kia Forum and announced new signings, including The Georgia Satellites and Hot 8 Brass Band. “This is an exciting opportunity to bolster what is already one of the most dynamic agencies in entertainment,” said Faul.
Legends appointed Chris Bray as president of Europe for its combined Legends and ASM Global business. Bray will oversee operations across the UK and Europe, managing venue operations and revenue generation for sports, entertainment, conventions and other industries out of the company’s office in Manchester. Previously president of Europe for ASM Global, Bray brings over 30 years of experience in commercial operations and development. Since joining ASM Global in 2022, he has driven growth, enhanced guest experiences, and sealed key contracts with venues like Utilita Arena and Olympia London. Bray also oversaw significant investments in venues, including a major glow-up for AO Arena in Manchester. Before ASM Global, he spent 15 years at Sodexo, where he boosted the firm’s Sports and Leisure division. Following Legends’ acquisition of ASM Global in August 2024, the combined company includes iconic venues like AO Arena and major football clubs such as Arsenal and Liverpool. Legends CEO Dan Levy praised Bray’s leadership, adding, “With a strong presence across the UK and Europe … we’re in an incredible position to set new standards in sports and entertainment.”
Sony Music Publishing promoted Taryn Miller to vice president, IT global copyright and royalties, effective immediately. Based in Nashville, Miller will report to chief information officer Bill Starke. In her new role, she’ll oversee the development and management of SMP’s royalty and copyright systems, including the Tempo platform and client portal SCORE, while collaborating across departments on enterprise applications. With over 20 years at the company, Miller has been instrumental in advancing key systems like Tempo and SCORE. She began her career in North American Royalty Administration before becoming a Tempo migration specialist and later transitioning to the IT team, most recently serving as director, IT global administration systems. Starke praised Miller’s contributions, stating “her work has elevated our services for songwriters.”
Creative Artists Agency promoted five Elevate trainees to agent roles across its music, comedy and theatre departments. In the Music Touring group, Ethan Goldish, based in Nashville, was elevated after joining CAA in 2019 and progressing from floater to booking professional in 2022. Also in Nashville, Cam Jensen was promoted after starting as an assistant in 2022, later becoming a booking professional overseeing the Southeast club territory. In Los Angeles, Dom Valentyn was promoted to Music Touring Agent, having joined CAA in 2019 and previously working in artist management and playlist marketing. In the Comedy Touring department, Marissa Pisterzi in Los Angeles was promoted after starting at CAA in 2021, working with several agents before becoming a booking professional. In New York City, Kennedy Woodard was promoted to Agent in the Theatre department. She joined CAA in 2021 as an assistant to Justin Edbrooke and Ethan Kurtzman, and has worked closely with theatre pros to develop stage and screen projects. All five promotions reflect CAA’s commitment to nurturing talent through its Elevate program, which identifies and advances rising professionals within the agency.
Kobalt appointed Claes Uggla as general manager of Kobalt Scandinavia, overseeing operations from the Stockholm office. With over 25 years of A&R experience, Uggla has shaped the careers of many Scandinavian artists. He joins from RMV, where he worked with acts like Gustaf & Viktor Norén. Previously, at Universal Music Sweden, he licensed hits like Lukas Graham’s “Ordinary Things,” and at Sony Music Sweden, he earned a special A&R award for Alan Walker’s “Faded.” Jeannette Perez, Kobalt’s president, praised Uggla’s track record, saying his “approach to A&R, his deep connections to the creative community and his leadership skills will be an important asset to us as we continue to build upon our success in the region.”
Range Music elevated Jared Cotter to managing partner of the management company, the music division of Range Media Partners. Cotter, who joined Range in 2022 and co-manages Shaboozey, made partner last May and before that was vp of A&R for the company. Outside the Hot 100 juggernaut that is Shaboozey, Cotter manages Paul Russell, whose “Lil Boo Thang” reached No. 14 in 2023. Cotter came to Range after co-founding The Heavy Group in 2016, a management and production company where he first signed Bazzi several years ago. He also co-founded 3AM Entertainment, an indie label focusing on music from the South Asian diaspora.
Celine Hollenbeck and Jenna Akemi Kon are named partners at Carroll Guido Groffman Cohen Bar & Karalian LLP, a leading music and entertainment law firm. Hollenbeck, based in Los Angeles, and Kon, in New York, joined the firm in 2017 and 2018, respectively. Founding partner Michael Guido and Los Angeles managing partner Renee Karalian praised their dedication and industry acumen, adding that their “enthusiasm and passion for music and artistry continue to impress the firm’s clients and partners alike.” They join the firm’s growing partner group, including Paul Gutman, Ira Friedman, Leah Seymour and Dave Keady.
BOARD SHORTS: Grammy Museum Mississippi added three new members to its board: Betsy Aguzzi of Mississippi Limestone Corporation, music publicist and entrepreneur Zach Farnum, and artist manager Gaines Sturdivant. They’ve been elected to 3-year terms, starting last month. The board is responsible for governance, oversight and major decision-making at the Cleveland, Miss. museum … VPL, which licenses music videos for public and TV broadcasts in the UK, made key board appointments: Charlotte Saxe is now VPL chair, with Alison Wenham and Shamus Damani joining as new board directors. The VPL Board, consisting of eight directors, oversees all aspects of music video licensing operations for the PPL sister company.
The Country Music Hall of Fame and Museum promoted five staff members to key leadership roles. Tess Pardee is now associate director of creative project management, overseeing creative projects and resources. Marshell Ruffier has been named associate director of food and beverage operations, managing the banquet team, the museum café, and sustainability initiatives. Alex Krompic has been promoted to director of production and technical services, leading audio, video and lighting for events. Emily Zirkle is now associate director of events administration and entertainment, managing revenue and public events in the CMA Theater. John Sloboda has been promoted to executive director of exhibitions and curatorial services, overseeing gallery exhibitions.
Red Street Records promoted Kelly King to vp of Red Street Publishing, while Patrick Waters joins as senior director of A&R country for the company’s country roster, which includes Chris Lane, Ryan Griffin, Neon Union, Ryan Larkins and Kaleb Sanders. King, known for discovering and/or developing artists and writers including Rascal Flatts, Brett James and Brothers Osborne, earned a partnership at Teracel Music and Good Girl Music (a co-venture with Sony Publishing), before launching her own King Pen Music (a co-venture with Warner Chappell Publishing) prior to joining Red Street Records in 2022. Waters has previously held roles at Red Light Management, Warner Brothers and Interscope. –J.N.
NASHVILLE NOTES: Gotee Records appointed Jess Loper as its new general manager. Reporting to Joey Elwood, CEO of Bell Partners Christian Music, Loper steps into this role following Gotee’s integration under Bell Partners. Previously, she was vp of brand management at Gotee Records and publishing at Emack Music … The International Bluegrass Music Association made three staff changes. Rebecca Bauer joins as marketing director after working as a marketing manager for City Winery; Elizabeth Dewey was promoted to communications director from administrative manager; and Haley Grimm, who’s in her final semester at Belmont University, took over Dewey’s former position … Publicist Jessica Nall joined Jonesworks, where her country clients include Zac Brown Band, Drake Milligan and Adam Doleac. She formerly was Atlantic director of press and media strategy … Paquin Artists Agency, a booking firm focused on Canadian country acts, hired agent/talent buyer Paul Biro, formerly president/operating partner at Sakamoto.
Killphonic Rights launched a dedicated label division, led by CEO Caleb Shreve and co-head of A&R Syd Butler. This follows the company’s executive expansion and a $3 million investment from Stilwell Creative Capital in 2024. The label’s first release, Heart Of Gold: The Songs of Neil Young, is set for April 25. Butler emphasized the label’s “artist-first” approach, highlighting the team’s industry experience and commitment to artist development. He stressed the importance of community and fair profit sharing, aiming to provide essential support at a time in the industry when it’s being abandoned. We believe artists need a community and a label that has their back as they navigate their future in this business.”
ATC Live has two key staffing updates. Lucy Atkinson joins as a new agent from Earth Agency, bringing her 30-strong roster, including Sega Bodega, Alice Glass and Erika de Casier, to boost the live booking agency’s electronic music prowess. Known for her forward-leaning approach, Atkinson has secured high-profile brand collaborations, such as Deijuvhs for Versace Jeans Couture and Ecco2k with Bella Hadid for Marc Jacobs eyewear, among others. Additionally, Alice Hogg was promoted to head of tour marketing, a new role aimed at integrating tour marketing services within ATC Live. This move will strengthen the London-based company’s approach to live campaigns, focusing on cohesive fan engagement and marketing strategies. Hogg, who joined ATC Live in 2020, has 15 years of experience in the live music industry and has worked with artists like Black Pumas and Aaron Frazer. Her roster will continue to be represented by ATC Live.
Raw Power Management, which like ATC Live is part of the ATC Group, bumped-up Dan Brown to the newly created role of head of A&R. A key figure on the senior management team for over a decade, Brown is currently managing You Me At Six’s farewell tour. In his new position, he will lead talent acquisition, focusing on expanding Raw Power’s diverse roster and signing new acts. The company represents artists like Bring Me The Horizon, Bullet For My Valentine, Jordan Adetunji and Heartworms.
ICYMI:
Jodi Dawes
REPUBLIC Collective announced a big stack of promotions across various departments … Warner Chappell Music elevated Gabz Landman to senior vp of A&R … Fox veteran Nick Terranova joined Dick Clark Productions as its new senior vp of brand partnerships … Ole Obermann is out as TikTok’s global head of music business development … Publicity pro Jodi Dawes landed at Big Machine Label Group … and AEG Presents elevated Andrew Klein to lead its global partnerships division. [Keep Reading]
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SiriusXM reported revenue from subscribers fell by nearly 4%, while ad revenue held flat for the full year in 2024, as the satellite radio company’s nascent streaming app failed to jump-start its subscribers as hoped.
The company generated $8.7 billion in revenue and adjusted EBITDA of $2.73 billion last year, representing declines of 3% and 2% respectively from 2023 figures. Subscriber revenue declines were the biggest contributing factor to the ho-hum year, but it was partially offset by the company lowering costs by cutting marketing, business expenses and staff.
“At the end of 2024, we took significant steps to refocus on SiriusXM’s core strengths and enhance operational efficiency,” Sirius Chief Executive Officer Jennifer Witz said in a statement. “By prioritizing our core in-car subscription business, leveraging our streaming capabilities, and growing our leadership in ad-supported audio, we are well-positioned to deliver long-term value. Looking ahead, we are energized by the opportunities to build on this strategy and continue offering unparalleled audio experiences through our platforms.”
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SiriusXM announced in December that was shifting marketing and other resources away from the streaming app it launche in Dec. 2023 to prioritize its subscribers who pay to listen to its music, sports and news radio and podcasts in vehicles.
Sirius is the dominant provider of audio entertainment subscriptions in vehicles in the U.S. but concerns over softening subscriber revenue and an eagerness to attract more younger subscribers pushed the launch of a streaming app last December.
The company met its 2024 financial targets–adjusted EBITDA of $2.73 billion and a margin of 31%–but its executives were peppered by questions about disappointing advertising revenue and internal guidance that 2025 will see sharper declines in adjusted EBITDA than they saw in 2024.
The company has a complicated business model, part of which hinges on customers choosing to start paying for their service after first trying a free trial subscription. Witz told analysts on their earnings call they expect to stabilize conversion rates this year for certain product lines like its 360L, a new premium in-vehicle audio platform with more channels. That said, she advised the number of net new subscribers in 2025 is again expected to decline.
The company said it is expecting $8.5 billion in total revenue in 2025, with $1.15 billion in free cash flow and $2.6 billion in adjusted EBITDA.
Here are the main take-aways from SiriusXM’s fourth quarter and annual earnings report:
The SiriusXM segment of the overall company–which doesn’t include Pandora–reported 2024 revenue of $6.6 billion, down 4% from 2023. The decline was driven by lower susbcriber, equipment and other revenue and a smaller average base of self-pay subscribers.
Average revenue per user in 2024 of $15.21 fell 35 cents from the prior year because of declining ad revenue, lower rates the company gets paid from automakers to offer promotional plans in their cars, and more people subscribing only for the streaming app, which has a lower price than the in-car subscription.
SiriusXM self-pay subscribers fell by 296,000 in 2024. The company had 33 million total subscribers as of Dec. 31, 2024.
SiriusXM gross profit totaled $3.9 billion in 2024, 6% lower than 2023, but with a gross margin of 60%, roughly flat from 2023.
Pandora and Off-platform self-pay subscribers decreased by 101,000 in the fourth quarter to end the year at 5.8 million in total.
Pandora and off-platform revenue totaled $2.15 billion in 2024, up 2% from 2023, helped by increased revenues from subscribers, advertising, podcasting and programmatic sales.
Alex Cooper is expanding her broadcasting duties even further in 2025, with SiriusXM announcing new exclusive programming as part of a multi-year agreement with the world’s most-listened-to female podcaster.
Beginning on Feb. 11, Cooper – the host and executive producer of the Call Her Daddy podcast – will give SiriusXM subscribers the chance to get closer to her and the Unwell Network with two new channels and live shows.
The first of these, Unwell Music, is curated by Cooper and is presented as a mixtape featuring the songs that have scored her life. Broadcasting contemporary hits alongside nostalgic pop anthems, Unwell Music will feature names such as Miley Cyrus, Tate McRae, Sabrina Carpenter, Beyoncé, Gracie Abrams and more. Alongside its eclectic playlist, the music will also be complemented by personal commentary from Cooper and behind-the-scenes stories.
The second of these channels, Unwell On Air, is designed to deliver a “live and curated pulse on what’s trending now”. In addition to highlights from the Unwell Network’s podcasts, it will also feature live daily programming that puts their Daddy Gang fanbase as the center of the conversation.
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This live programming includes Dialled In, which sees hosts Rachel Friedman and Montaine taking calls from listeners about relationship problems, friendship drama, and more. Dialled In airs from Monday to Friday at 7pm ET (4pm PT).
The programming also features The Daily Dirty, which sees hosts Sequoia Holmes, Fiona Shea and Hannah Kosh providing an hour-long catch-up focusing on pop culture-focused sharp takes, candid conversations, and playful segments. The Daily Dirty airs from Monday to Friday at 6pm ET (3pm PT).
“I’m constantly trying to find new ways to interact with my audience and with Unwell Music and Unwell On Air I’m able to deliver brand new daily live shows and playlists curated specifically by me,” said Cooper in a statement. “I can’t wait for everyone to experience a whole new world of Unwell.”
“Alex Cooper and her Unwell brand continue to be at the vanguard of pop culture with their authentic and unfiltered approach,” said Scott Greenstein, President, and Chief Content Officer at SiriusXM. “With the launch of Unwell Music and Unwell On Air, Alex is creating something that is only possible through the power of SiriusXM: a live 24/7 audio destination for her fans to immerse themselves further into her world. We can’t wait for you to hear what she has in store.”
Cooper first rose to fame with the Call Her Daddy in 2018, which was swiftly acquired by Barstool Sports shortly after its launch. In 2021, Spotify took ownership thanks to a $60M deal before it found a new home with SiriusXM in August 2024. The multi-year agreement provides SiriusXM with exclusive advertising and distribution rights, content, events, and more for both the Call Her Daddy podcast and the other titles on the Unwell Network – the production house Cooper founded in 2023.
Manuela Ferradas has joined SiriusXM in a senior management role, Billboard can confirm. Based out of the company’s Miami Beach studios, Ferradas will oversee the Latin artist and industry relations team for SiriusXM and Pandora. According to a press release, Ferradas will “secure talent and deliver marketing plans to external partners for various SiriusXM and Pandora opportunities […]
A year ago, SiriusXM launched a new streaming app filled with original and licensed content from its satellite radio service and set the price at $9.99 — far below the roughly $16 average monthly revenue it takes in per satellite subscriber. The hope was that a relatively affordable price and an improved app would help SiriusXM reach younger consumers and expand beyond its core in-car satellite radio listeners.
The new app was “just the beginning,” CEO Jennifer Witz said at the time, adding that SiriusXM would “continue to iterate and develop our product offerings throughout the next year and beyond as we strive to deliver our subscribers the best listening experience on the go, in the car, and wherever they choose to tune in.” The company’s satellite radio business was built on vehicles. If you buy a new or used car, you’ll likely get a free SiriusXM trial that’s extremely effective at convincing people to subscribe once their trial is over. The new streaming app was intended to attract people who would listen outside of the car.
But selling the radio experience in a smartphone app didn’t go well. As it turns out, the streaming app hasn’t produced a good return on marketing spending, Witz said on Tuesday (Dec. 10). Appearing at the UBS Global Media and Communications Conference, the executive cited “slow progress” in turning free trials into long-term retention. As a result, SiriusXM has already cut back its marketing spend on the app and expects to have fewer streaming trials — and thus fewer subscribers — in the future. That was a worse assessment than what Witz delivered on SiriusXM’s Aug. 2 earnings call. At that time, when asked about conversion rates for the app, Witz said they had been “challenged” but maintained positivity, adding that there had been some “positive results” with first-time trial adopters and that the company was “confident” it could attract “a different audience” that will be “incremental” to the existing car-based business.
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Now, after its underwhelming experiment with the app, SiriusXM will, in Witz’s words, be “leaning into our strengths.” In other words, the company is putting its focus back on satellite radio and the in-automobile listening experience. In alignment with that strategy, the company also announced the departure of Joseph Inzerillo, the chief product and technology officer who played an instrumental role in the app’s launch.
For all the strengths of the app — curated stations, celebrity musician stations, a smorgasbord of audio programming — the company gave up its competitive advantage when it tried to compete outside of satellite radio and the automobile. After all, the company is the lone satellite radio operator and, given the cost and complexity of launching satellites into orbit, has the market to itself. But when leaving the safety of satellite, it’s hard to beat Spotify, Apple Music, YouTube and Amazon Music at their own game. These are streaming-native platforms built for consumers’ desire for interactivity, while SiriusXM’s app attempts to fit a one-way satellite radio experience into a two-way, interactive medium. In the end, paid radio turned out to be a tough sell to a generation that has grown up on on-demand streaming.
So, SiriusXM is going to focus on what it does best, and in-car listening gives the company a huge audience to work with. It currently has 33 million subscribers and, according to MusicWatch’s Russ Crupnick, reaches 65 million total listeners. In an email to Billboard, radio consultant Andy Meadows said he believes “SiriusXM is better suited to compete for those coveted in-car listeners so [Tuesday’s announcement] makes sense from that standpoint.” Crupnick also sees in-car listening as a point of strength for SiriusXM, pointing to the uniqueness of the SiriusXM product as a distinct advantage. “The ease of use, breadth of content, and curation position them as far superior to terrestrial radio, and in a different place than music streaming or podcasts,” he says.
Building on in-car satellite listening, the SiriusXM streaming app will become more of a complementary product. “There is real opportunity with 360L,” said Witz on Tuesday, referring to the company’s in-car platform that serves as a dual satellite radio/streaming product. Because 360L includes streaming, it allows SiriusXM to serve personalized — a.k.a. more lucrative — ads and provide more targeted — a.k.a. more expensive — ads for advertisers. Of the app, she said it can provide data that helps SiriusXM determine spends on programming that resonates with listeners, given that satellite receivers are a one-way technology that doesn’t provide granular insights into listening behaviors. Similar to 360L, the app can also provide targeted advertisements.
For customers, bundling satellite and streaming costs as low as $25 per month. That’s about double the cost of an individual Spotify subscription, but SiriusXM subscribers can withstand the price. According to Witz, platinum satellite subscriptions, which cost upward of $29 per month, account for “about a third” of the current subscriber base. And providing the best of satellite and streaming will help SiriusXM compete with a “newer breed of streaming products” on Americans’ car dashes, says Meadows. “Anything SiriusXM, and traditional radio for that matter, can do to look, sound and function better across all devices is in their best interest long term.”
Nearly one year after launching a new streaming app, SiriusXM Holdings announced on Tuesday it is moving away from streaming and doubling down on the people who pay for its music, news and podcasts in cars.
Sirius has become the dominant provider of audio entertainment subscriptions in vehicles in the recent years in the U.S. but concerns over softening subscriber revenue and an eagerness to attract more younger subscribers pushed the launch of a streaming app last December.
While their $9.99 subscription for streaming on your phone will still be available, the company will focus resources on keeping and selling more services to the 33 million people with SiriusXM subscriptions—90% of whom listen in their cars.
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“We are focusing on … our strong core subscriber base, our unique position in vehicle, and our unrivaled, curated content — and taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory,” SiriusXM chief executive Jennifer Witz said in a statement.
SiriusXM’s stock price was down more than 10% at $25.81 just before 1 p.m. in New York. Witz is expected to speak about the new strategy at an investor conference later on Tuesday.
Streaming, which is already sold as a companion to the in-car subscription for $24.98, will be considered a “companion” offering, the company said, through partnerships with companies like Tesla. But it is shifting “marketing and other resources away from high-cost, high-churn audiences in streaming to focus resources on core revenue-generating segments.”
The company also named Wayne Thorsen the company’s chief operating officer in charge of product & technology, corporate strategy and parts of the commercial business. Thorson is charged with tracking “the return on marketing and technology investments.” A former Google and Viacom executive, Thorsen previously oversaw product management, engineering and business development for home security company ADT. Thorsen’s appointment coincides with the departure of chief product and technology officer Joseph Inzerillo, who played a pivotal role in modernizing SiriusXM’s technology platform and launching the streaming app.
SiriusXM invested two years and millions of dollars into updating its technology and developing the streaming app, which it unveiled last December, along with a new logo. The new app came with new channels run by John Mayer, Kelly Clarkson, Shaggy and Smokey Robinson, as well as a weekly show by James Corden and a new true-crime channel from Crime Junkies podcast host Ashley Flowers.
The company’s investments in podcasting and new technology has driven years of belt-tightening and at least two rounds of layoffs, which resulted in around 650 jobs being cut in 2023 and 2024. Having cut costs by $200 million this year and $150 million in 2023, executives said Tuesday they are aiming to achieve an additional $200 million in cost savings next year.
During its most recent quarterly earnings, SiriusXM lowered its 2024 revenue goal to $8.675 billion from $8.75 billion due to lower subscriber revenue and softer-than-projected advertising revenue in the second half of this year.
The company reported gaining 14,000 self-pay subscribers in the third quarter this year. However, subscriber revenue was down to $1.645 billion in the third quarter 2024 from $1.729 billion during the third quarter 2023.
SiriusXM reaches around 150 million listeners through SiriusXM, Pandora and its growing podcast service.
John Mayer is launching a new interview series, “How’s Life,” on his Life With John Mayer channel on SiriusXM and he’s kicking it off in style. The debut of the interview series in which Mayer will speak to some of the music industry’s biggest names will feature an in-depth sit-down with Billy Joel premiering at 8 p.m. ET on Thursday (Nov. 28).
Not only does Joel, 75, chop it up with Mayer about some of his career highlights and biggest songs, but he also discusses a never-before-heard tune from his archives.
In a preview clip (see below), Mayer talks to Joel about songwriting, with the Piano Man answering the host’s probing question about where the songwriter goes when he stops writing new songs; in February, Joel released his first new song in 17 years, “Turn the Lights Back On.”
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“Where does the writer go… is the writer present when you’re listening to new music, do you listen as a writer?” Mayer asks Joel. “Do you go, ‘oh, you’re gonna put a minor fourth there? Are you really gonna put a minor fourth chord?’ Do you think like a writer still even if you’re not writing?”
“Yeah, he never goes away,” says Joel. “The writer thing is a curse that you take with you throughout life. And when I listen to material, or listen to other people’s songs the writer is always at work. ‘Well, I would have done it this way.’ Or, ‘why did he go to that chord?’ And constantly trying to improve on what you did.”
Joel describes how as a young writer you don’t edit yourself as much, but as you mature you get better at it, until you get so proficient that “you’e gotten good enough so that nothing is good enough.”
Mayer’s most important question — especially for Joel fans who are constantly saying their prayers to the pop gods that the singer will get back to writing radio-friendly songs — was whether Joel ever writes lyrics or lyric ideas on his phone. “I never write down lyrics until I’m actually songwriting,” Joel says. “I start from the music first, always.” The only exception? His very wordy 1989 class “We Didn’t Start the Fire.”
Mayer will be on air all day on Thanksgiving, beginning at 2 p.m. ET, when he will start taking calla and playing music in the lead-up to the Joel chat. Future guests on the show include Shawn Mendes and Maren Morris. Mayer’s year-round SiriusXM channel Life With John Mayer can be found on Ch. 14. or anytime on the SiriusXM app.
Watch a preview of “How’s Life” with Billy Joel below.
SiriusXM reported a 4% decline in revenue and a nearly $3 billion net loss last quarter after it completed a financial maneuver that was aimed at simplifying its publicly traded stock, the company reported on Thursday.
The $2.96 billion quarterly net loss stemmed from a $3.36 billion non-cash impairment charge, a type of accounting expense the means an asset’s value on the company’s balance sheet was written down. When SiriusXM merged with Liberty Media’s tracking stock in September, Liberty Media valued the company’s goodwill based on a sustained lower stock price.
The charge does not impact on SiriusXM’s cash flow. However, lower subscriber revenue and softer-than-projected advertising revenue in the second half of this year caused the company to trim its 2024 revenue goal to $8.675 billion from $8.75 billion targeted earlier in the year.
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SiriusXM’s stock price was down 3.27% at $26.50 as of 11:20 a.m. in New York.
The company reported total third quarter revenue fell 4% to $2.17 billion, and adjusted earnings before interest, taxes, depreciation and assets (EBITDA) fell 7% to $693 million, representing a 32% margin, compared to the year-ago quarter.
Tom Barry, SiriusXM’s chief financial officer, described seeing green shoots from the company’s investments in its subscription business and content, including 14,000 more net self-pay subscribers and a 6% increase in podcast advertising revenue.
“We are focused on executing our long-term strategy of strengthening our subscription business, enhancing our advertising offerings, and optimizing costs as we reinvest in the business,” Barry said in a statement.
The growth in self-pay subscribers due to lower churn reversed the contraction the company saw in the third quarter last year when it lost 96,000 subscribers. SiriusXM’s average revenue per user fell $0.53 to $15.16 due to a “higher proportion of subscribers on self-pay promotional and streaming-only plans,” the company said.
Known for its in-car satellite radio subscriptions, SiriusXM launched a new in-car subscription priced at $9.99 for just SiriusXM’s music channels. The company reported seeing podcast and on-demand listeners increasing on the app it rolled out last year.
The company invests heavily in its content. In the third quarter, SiriusXM signed an exclusive deal with “Call Her Daddy” host Alex Cooper and launched shows with former U.N. Ambassador Nikki Haley, Gen Z political commentator Dylan Douglas, and the beloved former football coaches Jimbo Fisher and Bill Belichick.
Revenue from the company’s Pandora and off-platform business segment slipped 1% to $544 million as Pandora Plus and Pandora Premium’s self-pay subscriber-based declined by 76,000 to 5.9 million. The company said the decline stemmed from fewer trial starts and churn after the price of certain plans was hiked.
When Coldplay tours, the British rockers typically play to tens of thousands of fans per show – in fact, as of Aug. 2024, their Music of the Spheres World Tour became the biggest rock tour of all time, according to Billboard Boxscore.
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So when Chris Martin & Co. hit the stage at Brooklyn’s Music Hall of Williamsburg – a 650-person capacity venue — on Monday (Oct. 7) afternoon for a SiriusXM Presents show in support of new album Moon Music, the crowd was freaking out more than a little bit. Which might explain why one attendee, toward the end of the concert, shouted out a request for a nonexistent Coldplay song.
The saga began when Coldplay gave fan-favorite Music of the Spheres track “Coloratura” a rare performance, explaining that people online had been clamoring to hear it live. After that, fans began shouting out song titles, with one guy yelling, “Fix It.” Presumably, the man was thinking of the Billboard Hot 100 hit “Fix You” from 2005’s X&Y, but Chris Martin wasn’t letting him off that easy.
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“’Fix It’ is another song from another band, my brother,” Martin said, shaking his head before leading the band through “Yellow.” But after wrapping up their breakthrough hit (“Yellow” was their first Hot 100 entry back in 2001), Martin seemingly decided that perhaps “Fix It” should be a Coldplay song after all. Apologizing to the fan for getting a bit “cross” with him, Martin sat down at the piano and freestyled an impromptu tune on the spot, dedicating it to the dude.
“Here is a song called ‘Fix It,’ specifically just for that guy / It’s okay if you come to a concert to call out of the name of a song,” Martin sang, chuckling good-naturedly. “[But] I’d much prefer you don’t get the name of the song wrong / Oh, fix it, let’s fix it / It was broken a long time ago / Yes, fix it, a famous song called ‘Fix It’ / That before today even I didn’t know.”
One can only imagine what it was like to be that man in that moment. In less than 10 minutes, he mangled a Coldplay song title in front of the band, got gently mocked by Martin, received an onstage apology and then had a brand-new song dedicated to him – one that will probably never be performed again. Iconic.
That unscripted moment gives a good sense of the vibe throughout Coldplay’s underplay, which was broadcast on SiriusXM later that same day. Thanks to the intimate space and a respectful but enthusiastic audience, Martin seemed warm and congenial, pointing at specific people in the crowd and sticking his tongue out for fans’ cameras. He even joked about the band going the Taylor Swift route with its back catalog. “We released Parachutes (Taylor’s Version), it’s going to do very well,” he quipped while speaking about their new LP, Moon Music.
Of the new Moon Music tracks, the live highlights were undoubtedly “The Karate Kid,” a gorgeous piano ballad that saw its first-ever live performance during the SiriusXM show, and “Good Feelings,” which brought collaborator Ayra Starr onstage and saw The Weirdos — Coldplay’s puppet alien rock band — pop up on the venue’s balcony. Much like their recent Saturday Night Live performance, Coldplay brought of Elyanna & TINI for an emphatic “We Pray,” too.
As for the anthemic sing-alongs, “Viva La Vida” and “Sky Full of Stars” enjoyed wild responses from the crowd, while a live run-through of “God Put a Smile Upon Your Face” from 2002’s classic LP A Rush of Blood to the Head proved that Coldplay can still kick ass as rock n’ roll band.
Although the mood of the show was light, joyous and celebratory (confetti blasted the audience more than once), Martin did take a moment to acknowledge that the concert took place on the one-year anniversary of the October 7 terrorist attacks on Israel and the start of the ongoing Israel-Hamas War.
“Today, on October 7, we send peace to the Middle East,” Martin said prior to “Coloratura.” The juxtaposition was perhaps intentional, given the opening lyrics: “We fell in through the clouds / And everyone before us is there welcoming us now / It’s the end of death and doubt.”
BMI is taking SiriusXM to court after the two sides failed to reach a deal on royalty rates during more than two years of negotiations, arguing that the satcaster is “no longer a startup” and must pay more to songwriters.
In a petition filed in court today, BMI asked a Manhattan federal judge to uphold a higher royalty rate it has asked SiriusXM to pay – citing increased revenue for the radio giant and a shift toward more lucrative digital streaming.
“SiriusXM’s financial performance, and its expansion of its digital offerings, make clear it is no longer a startup in a nascent industry,” lawyers for the rights group wrote. “Yet, despite achieving its secure and successful position, Sirius has continued to pay songwriters — who create the music essential to SiriusXM’s business — at rates that are below those negotiated decades ago when satellite radio was an infant industry with an uncertain future.”
A spokeswoman for SiriusXM declined to comment on BMI’s case.
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BMI is a so-called performance rights organization that collects copyright royalties owed to publishers and songwriters when their songs are performed publicly, offering blanket licenses that allow for the use of more than 22 million tracks. When BMI cannot agree with a licensee like SiriusXM, either side can ask a federal judge to decide the dispute and set a reasonable rate.
In doing so on Thursday, BMI pointed to what it sees as key shifts in SiriusXM’s business model since the two last negotiated a licensing deal in 2018 – namely, an increasing reliance on internet streaming rather than old-school satellite radio.
“As a result of these changes, SiriusXM’s business has shifted and is becoming more akin to a music streaming service than a traditional satellite radio or broadcast radio,” BMI’s attorneys wrote. “Digital music services pay higher rates to BMI than satellite radio, and the new SiriusXM rate should reflect this expansion of digital performances.”
The specific terms of the royalty rate that BMI is seeking from SiriusXM were not disclosed in court filings because BMI said it was “competitively sensitive.” The new rate would cover the period from January 1, 2022 to December 31, 2026.
In a statement announcing the case on Thursday, BMI said that songwriters “should not have to accept an outdated rate that significantly undervalues their music.”
“After attempting to negotiate with SiriusXM in good faith for more than two years, we were compelled to file this action given their insistence on underpaying the creators of the music that drives the majority of their business,” BMI president Mike O’Neill wrote. “We will continue to fight for fair and appropriate rates when we believe the music created by our songwriters and composers is being significantly undervalued.”
The filing of the new case was celebrated Thursday by the National Music Publishers’ Association, with president and CEO David Israelite saying the group was “extremely pleased” with BMI’s decision to “demand what’s fair.”
“Companies like SiriusXM have massive profit margins fueled by music creators,” Israelite said in a statement. “We fully support BMI in their fight for the value of songs.”
BMI isn’t the only rights group in a dispute with SiriusXM over its shift toward streaming. In a lawsuit last year, SoundExchange accused the company of using bookmaking trickery – namely, manipulating how it bundles its satellite and streaming offerings – as part of a scheme to “grossly underpay” royalties by more than $150 million. SiriusXM later fired back, denying the lawsuit’s “misguided allegations.” That case remains pending.
Go read BMI’s full petition against SiriusXM here: