Market Analysis Report

A Market Analysis for
SiriusXM Satellite Radio
Haran Francis
Full Sail University
Project & Portfolio II: Business and Marketing
30th
June 2019

EXECUTIVE SUMMARY
This report provides a comprehensive analysis, evaluation of current status, and future
outlook of SiriusXM Satellite Radio. It is focused towards its history, current market position,
success factors, market segmentation, growth potentials and financial solutions. The financial
data analyzed shows that SiriusXM Satellite Radio is not in an immediate financial or public
crisis, however, controls need to be put in place to enable better financial stability.
The analysis report concluded that the current position of SiriusXM Satellite Radio is on
its way to financial danger and could become unstable in the competitive marketplace despite its
advantages. The major areas of weakness are with its dependency of its consumer electronic as
its main source of revenue, branding, financial planning difficulty, and a mounting debt to asset
ratio which could prove to be a serious factor in the long-term.
The recommendations reviewed aim to improve the company’s financial position on its
product lines, marketing, advertising, market segmentation, as well as re-positioning their
creative content to a slightly younger, multi-lingual demographic while retaining its loyal
consumer base.

OBJECTIVE
The following report was designed to aid the shareholders and board of directors of
SiriusXM Satellite Radio in plotting a path to growth expansion and financial stability. The
current administration requires analysis on several fronts for future growth and stability which
include finance, product lines, and overall market research. The company can maintain and
improve its hold on the current market by crafting changes in its market segmentation, research,
development, and product expansions. These are the required fundamentals for continued
persistence in the competitive marketplace in which SiriusXM operates.
RESEARCH METHODOLOGY
The information presented in this report was assembled using primary, secondary, and
tertiary research sources from the internet and online databases. The research was thoroughly
completed during the month of June 2019 and the information herein is as current as the year of
publication of this report. The data presented in this report is also a mix of qualitative and
quantitative research.

RESEARCH AND KEY FINDINGS
For the lovers of entertainment on all levels in North and South America who are hard
workers in life, SiriusXM Satellite Radio provides an unprecedented array of entertainment and
media that features a wide variety of curated music, news, comedy, education and sports for your
entertainment and informational needs. Sirius XM listeners will enjoy the clearest, hottest,
hippest and most proactive radio entertainment, seamlessly that is sure to keep you amused
across the country.
Sirius XM Holdings Inc., which is was incorporated on May 21, 2014, owns one of the
world’s largest audio entertainment companies which provides satellite and internet radio,
satellite television, sports, news, traffic, news, and infotainment services. They provide
subscription services such as SiriusXM On Demand and MySXM, which includes mobile, home,
and various consumer electronics. With the recent addition of Pandora Media, the largest
streaming music provider in the U.S., Sirius XM reaches over 100 million people with its audio
products and services (SiriusXM, 2019).
After acquiring XM and Pandora for huge lump sums in cash and stock purchases, it was
then easier for Sirius XM Holdings to move along with their entertainment objectives of
providing an alternative to cable TV and provide an unprecedented and highly valued
entertainment package. Since all three companies had such a huge subscriber base, the mergers
and acquisitions paved the way for more avenues to be explored with the various services being
provided (Beschizza, R., 2007). XM was a very close competitor to Sirius before the merger

much like Pandora who provided their own music streaming and automated music
recommendation internet radio service, that’s powered by the Music Genome Project. The
streaming of Pandora was built on the foundation of being able to connect people back to music
through an algorithmic matching service that would otherwise be missed without studying the
consumer base buying patterns, but rather listening preferences (fast company, 2005). It is for
those reasons that lessons were learned rather quickly which prompted success of the company in
this regard. Despite having much dispute over the merger and reports of a government section
(LexisNexis, 2007), it is safe to say that XM Holdings Inc has created the world’s largest
entertainment audio entertainment company and the largest streaming music provider in the
United States (Pandora, 2019).
Howard Stern is an American radio show host who is famously known for his
controversial broadcasts in the radio space. He was introduced to radio by his father who was a
sound engineer and began airing on New York City’s WXRK-FM in 1985 (Britannica, 2019).
According to research there has been much debate and arguments about the influence of his
talent on the Sirius XM brand, and just how much of the success of Sirius is actually his. Howard
Stern’s show is Sirius XM’s content crown jewel and losing it would have cost the company an
outstanding number of subscribers and revenue. Since Sirius’s business model is based on
subscriptions, the company was able to afford unique and exclusive content which gave it the
competitive edge on other radio services (Forbes, 2015). This aided Sirius in maintaining steady
growth in the number of subscribers along with Howard’s show which appealed to a large
musician fanbase. He also pioneered the design of the SiriusXM app while giving artists a
chance to express their creativity through his shows. His music archives are a masterclass in
songwriting, musicianship, and performance in which he also interviews celebrity guests and
provide highlighted clips, specials and full-length interviews to the consumer base. If this

individual didn’t possess the influential power, Sirius XM wouldn’t have attempted so
energetically to ensure that he remains on their repertoire of content.
SiriusXM Satellite Radio’s target market is geographically located primarily in North
America with small fragments of South America (primarily on the west coast). XM’s internet
television, radio, and satellite services are exclusively provided for this market because of the
positioning of its satellites. The 3 Elliptical Orbit “Figure 8”; 2 stationary) provides the coverage
for its primary consumer electronic installed in automobiles. Market segmentation in terms of
demographics puts the company’s target market between the ages of 22-37, and 38-53 years old.
The majority is made up of the male gender with 56%, and female 44%, earning a yearly income
between $20,000 - $130,000/yr. The family life cycle varies across all the ethic/race groups as
the make up in the geographic market is extremely broad. However, it has been determined that
they are both young and mature adults, married or unmarried, with or without children, and a
university student/graduate who is part of the workforce. The target market is also defined as
medium to heavy listeners of music who are seeking fair value exchange, confident, family-
oriented; anti-materialistic with a fashion sense and nurses a work to home lifestyle. The ultimate
benefit sought by SiriusXM users is the convenience and ease of use of technology, integrated
into a personalized music listening experience from their automobiles.

Sirius XM along with automotive manufacturers such as Acura, Alfa Romeo, Aston
Martin, and Audi to name a few, have partnered in providing XM’s Satellite Radio audio system
to car lovers globally (SiriusXM, 2019). This is integrated in the factory build with both
consumer friendly, and other high-end luxury manufacturers. The partnerships ensure a full line
of technological advancements along with XM’s objectives being fulfilled (MiRGE Satellite
Radio). This product line is also distributed through retail stores across the nation, and through
the its website (www.siriusxm.com) (Reuters, 2019)

Source: Yahoo.Finance
According to the financial data on SIRI (Sirius XM Holdings Inc./SiriusXM Satellite
Radio), the stock price has increased over the five years from $3.35 (Jun 9, 2014) to $5.31 to
date (Jun 7, 2019). While the company did increase its revenue, it was noted that this was due to
growth in the subscriber base and higher average revenue per user. Further analysis over a longer
period revealed that XM’s highest point on the stock market was recorded on 28th February 2000
of $63.25.
Upon analysis with other market indexes, it was clearly noted that the company is competing
in an alternative market (non-conventional) which seems to either be struggling or moving to a
new location. It could also be said based on the data that the company needs to reposition or re-
brand its products and services for its target market. The chart above represents the data gathered
and analyzed (yahoo.finance, 2019). Revenues have increased for the company however it is still

underperforming in the sector and industry, and solutions are to be examined. It can be argued
that this is due to the company’s level of liabilities in relation to its assets and a net income
decline which is associated with the Pandora acquisition, its satellites, and a higher tax rate.
Key points derived from financial analysis:
• Net Income: $1,175,893,000
• Net Profit Margin (Net income/total Revenue): 0.20% (20%)
• Debt to Assets Ratio (Total Liabilities/Total Assets): 1.22
In 2018 statistics showed that SiriusXM had 7.6 billion monthly users in the United States
alone and was ranked 9 out of 10 in a list of most popular music streaming services. In addition
to this, the net reach of the SiriusXM platform was recorded at only 4% and also ranked 9 out of
10 in this regard (Statista, 2018). So therefore, why is SiriusXM falling behind on the
competition? According to research it shows that the most critical aspect to a music streaming or
entertainment platform in general is firstly the variety of content available, price point (low),
ability to listen on multiple devices, clean user interface, good algorithms to find new music, and
the ability to combine your music library with your streaming library. XM has done a great job in
creating a platform that provides curated and personalized content for its users but it is due to the
fact that it caters exclusively to a North American and small South American market—that it
falls behind some of the other competitors in the market (Statista, 2019). SiriusXM is looking to
update some of their satellites and also launch new ones to improve their service and eventually
move into new geographic locations. There are also talks of the further integration of Artificial
Intelligence (AI) into the algorithms and databases of services like SiriusXM and if it will truly
beneficial to all parties involved in the coming future (musically, 2019).

According to industry professionals and analysts, the “future looks bright in the streaming
age.” Research shows that more than fifty percent of American household have subscribed to at
least one video streaming service or more and that the service provider provides both original
and exclusive content to its consumers. As of 2018 streaming accounts for 75% of music
industry revenue but not so much for SiriusXM where most of the company’s revenue is
generated through the sale of its consumer electronic with car manufacturers (SiriusXM, 2018).
The RIAA has reported that the streaming services revenue is forecasted to increase further for
the coming year and noted that the industry grew by 10% last year (2018) (RIAA, 2018). Seeing
that SiriusXM has its own subscription streaming service for its consumers, a percentage of the
company’s revenue is generated through this product line and is looking to be increased as
streaming has become the new age music/entertainment industry. XM recorded a total revenue of
$5.8 billion dollar in 2018 and is looking to increase to $6.1 billion in 2019 based on research,
market forecast, and subscriber base which tops 34 million (SiriusXM, 2018). From the data
above the conclusion can be drawn that music is fundamentally important to the consumers and
that it is sure to be around for a very long time to come.
On an ecological or environmental front there seems to be only one issue currently affecting
SiriusXM Satellite Radio services and this is in regard to frequency reception. XM and the FCC
have been in a battle about the power consumption of the company’s repeaters in relation to cell
tower activities. There has been an issue of terrestrial radio coverage to augment the satellite
service where XM required more, and the FCC wanted the company to resort to using less and
reducing power. However, it must be noted that these occurrences happened a few years ago and
it is uncertain if these have been permanently rectified or if it is still ongoing. The main issue is
that cell towers operate on the same frequencies that SiriusXM’s services are transmitted and a
phenomenon called “intermodulation” occurs (daily news, 2018). What happens is that a third

signal is created out of the two existing signals that creates dissonance in the radio services.
Research showed that this was an issue that was filed against SiriusXM in which they quickly
disputed that such occurrences happened and assured that there is no available margin for
additional interreference with their network.
SiriusXM had their fair share of battles in regard to the acquisition and merger of Pandora
some years ago which sparked major media attention. The acquisition costs $3.5 billion and XM
decided to maintain the Pandora service and brand, along with its roughly 70 million monthly
active users, which at the time was double of XM’s. After this was done the entire consumer
based began to wonder on pricing and taxes associated with both services; if prices would differ
or would they be the same. According to XM’s website “SiriusXM charges government fees,
surcharges and applicable taxes on sales of products and/or services in accordance with state and
local tax laws and regulations.” It goes on to say that tax rates are in effects based on the service
address that’s associated with your account and that calculations are also done on purchases
through the website and shipping as well. So, this basically means that all amounts charged to
you the consumer depends on the tax laws of the jurisdiction in which you reside. Following the
merger there were also layoffs since a strategic decision was taken for long term where
workforces had to be aligned, formation of new teams, and greater visibility for the combined
company ventures. The company took all issues surrounding the acquisition of pandora (union,
individual entities, government, law) and turned it into a position motion for forward thinking
and prosperity for the companies.
The Music Modernization Act is a piece of legislation passed by the current US
administration that will change how songwriters, publishers, and artists get paid for music
streaming and so on. It is a formalized body ran by publishers, that administers mechanical
licensing of music streamed by services like Spotify, SiriusXM and other competitors. It also

limits the liability incurred by the various services as long as they adhere to the new process
which is a first of its kind. There was much pushback from SiriusXM on this matter where there
were opportunities which were turned down and continuous lobbying efforts which were finally
laid to rest. The main argument posed by XM was that the bill left out terrestrial radio from
royalty payments for pre-1972 recordings, also known as the Classics Act component of the
MMA (music business worldwide, 2019). The bill provides licensing certainty for interactive
digital services like Spotify—through the creation of blanket mechanical licensing and an
administrative collective. Non-interactive services such as XM objected to the legislation due to
admin services making publishing payments. However, there still seems to be a big challenge in
the industry despite this act being passed and that is “rights”. Rights are a headache for any
entertainment service and alternative service providers have mentioned that they don’t want to
run the risk of getting “burned” for playing certain artists music (musically, 2019).
SiriusXM’s acquisition of Pandora has now led to an In-House Advertiser Consultancy
Studio which is a new venture that will provide audio creative development, branding and
strategy services for customers and businesses alike. It comes after Pandora has had this
particular service for decades and has had major success but now is doing this operation under
one brand (billboard, 2019). The decision-making prompts for more effective ads for its
platform, visual design, rich media production, web/mobile experiences, and live activations.
Seeing as Pandora is under the XM umbrella, there could be a cross integration with XM’s own
services for a further outreach to its consumer base. There could also be new streaming
subscription opportunities as mentioned by Neilson particularly in Smart Speakers (musically,
2019). Regardless of all these opportunities being mentioned for strategic decision making, there
is still the concern of whether it is clever to invest/pursue new artists which could/are
accelerating streaming? Or work with the talent on hand such as Howard Stern. There has always

been an interesting debate as to how much music really contributes to a company’s revenue;
even SiriusXM’s main source of revenue has come through the partnerships with car
manufacturers for their consumer electronics. SiriusXM could decide to explore the smart
speaker route that could potentially become an extension of their consumer electronic (car
satellite radio).
SiriusXM Satellite Radio has established and earned the title of the world’s largest radio
broadcaster with global positioning system (GPS) incorporation. The strong signal strength with
premium radio service through hardware, internet and mobile geographic location has enabled
the company to grow to new heights with increasing profits.
Despite the fortune of the company the current revenue generation stream is dependent upon
partnerships with automobile manufacturers bundled service; namely XM’s satellite car audio
system receiver. This has brought much confusion to the general public firstly from the merger
as customers couldn’t differentiate between the two companies (Sirius and XM) and whether the
company was a consumer electronic oriented establishment or entertainment driven. These
events and more led to a financial crisis and a debt to asset ratio that could prove to be a serious
factor in the longevity of the company.
On a more positive note, SiriusXM does have some opportunities to be exploited which
include geographic and demographic expansions into new territory; particularly South America,
Mexico, and Europe. This can then lead into additional content creation, program variety, a
further increase in sales of the company’s primary consumer electronic, and additional
automobile partnerships.
Based upon the research performed and analysis of the company’s position, Howard Stern’s
exit remains a serious threat for SiriusXM as his personality has become saintly for the
subscriber base. Being mainly an entertainment and consumer electronic driven business there

are also issues of piracy and copyright issues facing the company from the music
business/industry which the music modernization act should amend. However, regulatory
amendments to the United States communication policy could still prove to be just as detrimental
to the establishments health if left unchecked.

CONCLUSIONS
SiriusXM Satellite Radio has a lot of opportunities knocking on its doors that should be
looked into for the coming years. The company holds the title for being the world’s largest radio
and entertainment company which is one of its key strengths. Upon research it was found that
XM requires additional investments into new technologies and expansions into other geographic
locations which could prove to be beneficial in the long term. SiriusXM’s debt to asset ratio is
1.22 (yahoo.finance, 2019) which is an indicator of inefficient financial planning, mounting debt,
and elevated dependency on the automakers bundled service. An improvement in the technology,
programming, and advertising surrounding the company could then send a strong message to
consumers that the service provider is indeed improving on quality and positioning. The
opportunity for rapid expansion presents itself since XM caters to a North and (small portion) of
South American geographic, it makes sense to offer exclusive programs for a Hispanic
population. The company could also look to acquire more partnerships with other automotive
manufacturers and dealers who would be willing to do a bundle with their technology. The
company has become very dependent on this product line and should look to increase while
working on other revenue streams like advertising and strengthening internet service awareness
globally.
SiriusXM should look into expanding their services globally, however there is still the
threat of HD Radio, FM radio (terrestrial), and intense competition from rivals with online radio
channels. Also, the company’s financial situation is a major determining factor as to when and
how it can expand on its services. The company still faces issues of piracy, copyright from the
music industry, and regulatory changes in the US communication policy that play a role in the
company’s services and pricing. Some of its competitors include, Clear Channel, Cox Radio,

Cumulus Media, and Westwood Inc, who had invested interests into SiriusXM Satellite Radio
but have since withdrawn. In addition to this is the threat of Howard Stern’s exit. His influence is
a major considering factor for XM’s subscription base, and it is feared that if he leaves, XM
could lose majority of their consumer base.
There does not seem to be any immediate danger or public crisis looming as the company has
been working diligently to rectify issues of quality with its services. SiriusXM has cornered the
radio market by providing a new wave through satellite connections and has been a perfect fit for
its target market.

RECOMMENDATIONS
Based on the research findings and conclusions, SiriusXM Satellite Radio needs to
expand existing product lines, content, upgrade existing and develop new technologies, while re-
position key resources. SiriusXM’s market segmentation is of a mature nature which means that
the digital aspects of its business can increase their competitive advantage further into new areas.
Ranging from 22-37, 38-53 years old and part of the working force enables for more
discretionary income to be spent on entertainment purposes.
Over the next five years the company should invest into R&D (research and
development), of new curated content for its subscriber base to increase numbers to 40 million
self-pay subscribers in conjunction to the influence of Howard Stern, and the bundled automobile
consumer electronic. It is also recommended that the company aims to drive more traffic towards
the mobile market as Gen Z has entered the workforce to enable further growth. Gen X and Y are
the current primary market; however, the new generation is heavily invested into digital
technology—which means that there is potential with the combination of the three generation
gaps around the entertainment products once the appeal is aesthetically pleasing. Marketing and
advertising techniques should be looked at to improve the relationship between the business and
its consumer base in conjunction with increased digital media presence. It is recommended that
the company appeal to the modes of persuasion with emphasis on the emotional aspects of its
consumers to ensure product use and sales. Furthermore, it is also recommended that SiriusXM
consider expansion of its services both geographically and demographically into the Hispanic
market. Technological advancements are required to improve on the overall service quality
which will in-turn have a greater impact on marketing for both business to business, and business
to consumer relationships.

This is a strategic recommendation, as it may not lead to immediate results in the near-
term. It will however ensure the company’s ability to overcome its current financial position,
retain loyal customers, gain subscribers, and revenue. It is recommended that analysis and
reports be generated for the ending fiscal years 2019, 2020, and 20212 to assess the progress of
these recommendation and formulate a clear projection for future revenue and subscriber base.

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