SiriusXM has appointed a new chief operating officer and laid out a new strategic vision that includes a greater focus on cost efficiencies and on its car subscription business.
The company will target an initial incremental $200 million of annualized savings as it exits 2025, according to a press release Tuesday, after delivering about $350 million of run rate savings in 2023 and 2024. This effort comes as the satellite radio giant faces “marketplace headwinds.”
“At SiriusXM, we are focusing on the strengths that set us apart – including 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,” said Jennifer Witz, CEO of SiriusXM. “We have a clear path forward and are confident we can deliver for our stockholders.”
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