XM Radio Set to Turn Profit – Subscriber base grows as rival does too.
XM Radio Set to Turn Profit – Subscriber base grows as rival does too.
XM Satellite Radio will turn a profit next year, says the company’s chairman.
Gary Parson, XM chairman, said during a visit to Detroit that the company’s start-up plan, which included provisions for heavy losses, is unfolding as planned. Thus XM is on course to turn a profit next year and sign up as many as 20 million subscribers by the end of the decade and 40 million by 2015.
XM now has more than 4 million subscribers under contract and should have 5.5 million on board by the by the end of the year, Parsons added. “Every million subscribers adds about $100 million to our cash flow,” added Parsons after a speech to Detroit ‘s Automotive Press Association.
Parsons added XM’s strong cash flow also is making it easier to cover the startup costs that are inherent in acquiring new subscribers and launching the new service.
XM also now reviewing the possibility of offering service in Canada. Canadian regulators have approved XM’s application to offer service north of the border. XM, however, haven’t decided to accept the conditions, which include offering a heavy dose of Canadian-oriented programming and music, Parsons said. A decision is expected in about 90 days. XM’s rival, Sirius, has indicated it plans to offer its service in Canada.
Parsons noted that satellite radio in general and XM in particular, has been accepted by consumers faster than any other entertainment technology introduced during the past 30 years, including the VCR and DVD player.
The popularity of satellite radio has made the cost of acquiring subscribers smaller than originally forecasted. In addition, the renewal rate is running at better than 90 percent, he added.
Parson added satellite radio’s automotive partners report they have never seen a feature with such quick acceptance from consumers and probably half of XM’s new subscriptions will be linked to new vehicle purchases.
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