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SiriusXM has launched a new program aimed at developing and breaking emerging artists, the company tells Billboard.
Created by the SiriusXM and Pandora programming and curation teams, the Artist Accelerator program will select six to 12 artists across a wide range of genres over the next year. All of them will receive focused programming for a sustained campaign across SiriusXM channels and Pandora stations, as well as ongoing marketing support from both brands.
The program’s inaugural artist is Def Jam/High Standardz signee Coco Jones, whose latest single “I.C.U.”, from her debut EP What I Didn’t Tell You, has been playing in accelerated rotation on SiriusXM’s The Heat and Heart & Soul stations since Oct. 21. On Pandora, “I.C.U.” has been added to various playlists and radio stations across the platform, including New R&B, Black Music Forever, Adult R&B, PLATINUM, Today’s R&B and Hip Hop Hits, Women in R&B and more. The streaming service is also featuring exclusive audio content from Jones via “artist takeover” modes currently running on the PLATINUM and Women in R&B stations, where she takes listeners through the process of recording the EP and hand-picks tracks from some of the artists who inspired her.
“Introducing our audiences to new artists and investing in those artists’ development is a core value of both SiriusXM and Pandora and we are excited to unveil our Artist Accelerator program to the industry,” said Steve Blatter, senior vp/general manager of music programming at SiriusXM. “The program brings together SiriusXM and Pandora to accelerate the growth of artists across our combined massive listener base.”
In addition to her burgeoning music career, Jones has been working as an actor in TV and film since she was a tween. The 24-year-old currently portrays Hilary Banks on Peacock’s Fresh Prince reboot, Bel-Air. On TikTok, where she boasts nearly 2 million followers, she is dedicated to upping representation for dark-skinned Black women.
“I genuinely could not be more excited to be partnered with SiriusXM and Pandora,” said Jones. “The way that they’ve supported me and found new ways to highlight my future while acknowledging my past, is iconic. There’s definitely more to come, this is just the beginning! I’m excited for y’all to come with me through the whole journey!”
SiriusXM is just the latest platform to introduce an artist development program. In 2017, Apple Music launched the artist spotlight program Up Next, while SoundCloud introduced First on SoundCloud the following year. And in 2021, Spotify launched Fresh Finds, an extension of the playlist hub of the same name that provides emerging acts with on- and off-platform support.
SiriusXM’s profits fell in the third quarter from a year ago on higher expenses and lower profits from Pandora, but overal revenues rose thanks to SiriusXM subscriber growth, the satellite radio company reported on Tuesday.
Sirius XM Holdings Inc. reported net income fell to $247 million, or earnings per diluted share of $0.06, in the quarter ending Sept. 30, 2022, from $343 million, or $0.08, during the third quarter last year. In its Pandora and off-platform segment, gross profits fell 12% on lower subscriber revenue and higher costs from investments in podcast content, the company said in its earnings release.
Revenues rose 3.6% to $2.28 billion from $2.198 billion in the third quarter 2021, while adjusted EBITDA was $720 million for the quarter, roughly flat year-over-year. The company reiterated that it expects full year revenues of $9 billion, with an adjusted EBIDTA of $2.8 billion.
Total operating expenses rose by more than 15% to $1.813 billion in the quarter on increased subscriber acquisition costs, marketing, sales and general administrative expenses.
Subscriber acquisition costs rose 21% to $86 million due to higher equipment installations by automakers, executives said. That and along with investments and other expenses caused the company’s free cash flow to fall 44% from a year ago to $329 million.
In addition, SiriusXM announced its board voted to raise the quarterly cash dividend by 10%, which it will pay out later this month. The company returned $262 million in capital to stockholders in the quarter, chief financial officer Sean Sullivan said in a statement.
“We continue to drive growth and focus on a disciplined approach to cost management across our organization,” chief executive Jennifer Witz said on a call with analysts. “While near-term objectives remain top of mind, we are focused on the strategy and investments that will drive long-term value for our stockholders.”
SiriusXM third quarter financial highlights:
SiriusXM reported 32.2 million self-pay subscribers, reflecting an increase of 187,000.The total number of subscribers rose to 34.2 million, including a decline of number of 49,000 paid promotional subscribers. The company’s self-pay monthly churn rate remained at record-low levels at 1.5%.Revenue for SiriusXM rose 5% to $1.7 billion compared to last year on self-pay subscriber growth and a 6%-increase in advertising on the SiriusXM platform.Total cost of services at SiriusXM rose 3% to $665 million for the quarter from the third quarter 2021.
Pandora and Off-Platform third quarter financial highlights:
Gross profit for Pandora and Off-Platform segment fell 12% to $173 million for the third quarter 2022, from $197 million a year ago.Pandora monthly active users fell 7% to 48.8 million compared to 52.6 million in the third quarter a year ago, and subscriber revenue declined by 2%.Pandora Plus and Pandora Premium self-pay subscribersheld flat at 6.3 million.Advertising revenue edged 1% higher to $407 million, as total ad-supported listener hours fell to 2.75 billion in the quarter compared to 2.89 billion a year ago. Podcasting and off-platform business revenues rose 37% to $123 million.The total cost of services increased by 7% driven primarily by investments in podcast content.
