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SiriusXM Posts 4% Drop in Subscriber Revenue Amid Streaming App Struggles

SiriusXM's 2024 earnings show declines in subscriber and advertising revenue as the radio company's streaming app failed to jump start growth.

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. 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.

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