SiriusXM Holdings Inc. (NASDAQ:SIRI) has announced the addition of 909,000 net self-pay subscribers finishing 2020 with around 30.9 million paying subscribers, surpassing its recent 2020 self-pay subscriber guidance. The company has also issued a forecast that it expects to meet to surpass its 2020 revenue guidance, free cash flow, and adjusted EBITDA.
SiriusXM expects revenue of $8.35 billion in 2021
For 2021, the company is expecting self-pay nets subscribes to increase by around 800,000. Also, SiriusXM expects total revenue to be around $8.35 billion with a free cash flow of around $1.6 billion and an adjusted EBITDA of t $2.575 billion.
Jennifer Witz, SiriusXM’s CEO said that she is delighted to have assumed the CEO role at the company and she is happy with the results posted for 2020. She said that the encouraging results offer SiriusXM a strong momentum as they chart the way forward. Most importantly the results demonstrate the business resiliency of the company and the loyalty of its customers even in the wake of the COVID-19 induced challenges in 2020. Witz said that she is proud of the company’s committed staff who have continued to navigate the challenges of remote working while at the same time staying focused on the company’s business goals.
SiriusXM made several strategic moves in 2020
This past year the company made several strategic moves positioning it for the next growth phase. SiriusXM completed the acquisition of Simplecast and Sticher and the investment in Soundcloud. Equally the company debuted exclusive content across Pandora and SiriusXM from Marvel and extended its contract with BMW, Kia, and General Motors. The company had announced that Howard Stern had extended his live broadcast agreement with SiriusXM for another five years and Witz said that this is massive for the company.
Witz added that it is focusing on premium content and improving its in-car product with 360L as well as expansion to reach more people on the go and at home with advertising and subscription products. She added that she is optimistic that SiriusXM has a long growth runway in 2021 and beyond.