SiriusXM added approximately 149,000 self-pay subscribers in the fourth quarter of 2024, an increase of 18,000 compared to the year-ago period.

For the full year 2024, self-pay subscribers decreased by 296,000, an improvement over the full-year decrease of 445,000 self-pay subscribers in 2023. The company ended 2024 with approximately 33 million total subscribers.

Subscribers to Pandora Plus and Pandora Premium services decreased by 101,000 to end the year at 5.8 million. The company attributed the decline to trial starts and lower retention due to price increases on certain self-pay plans. Advertising revenue within the Pandora and Off-Platform segment reached $1.6 billion in 2024, a $17 million year-over-year increase, which the company attributed to a growth in podcasting and programmatic sales.

Podcasting has seen a significant rise in listening and strong financial performance in 2024 for the full year, with revenue growing 12 percent year over year, said chief financial officer Tom Barry.

The company reported net income of $287 million, up from $228 million in the year-earlier period. Revenue declined to $8.7 billion, down 3 percent from the same period in 2023.

In December, the company said it was targeting $200 million in cost savings as it exits 2025 and said it planned to move marketing and other resources away from high-cost, high-churn audiences in streaming to its core revenue-generating segments, namely its in-car subscribers.

While we expect some of these changes will have one one-time impact on our subscriber results, particularly in the first half of this year, we believe these actions will allow us to improve customer satisfaction, maintain our strong cash generation, and support the continued long term health of the business, CEO Jennifer Witz said on the earnings call. Apart from these shifts, we would expect our subscriber results in 2025 to be slightly better than what we saw in 2024.

The company reiterated its 2025 guidance of $8.5 billion in revenue, adjusted EBITDA of approximately $2.6 billion and free cash flow of approximately $1.15 billion.

At the end of 2024, we took significant steps to refocus on SiriusXMs core strengths and enhance operational efficiency, Witz said. By prioritizing our core in-car subscription business, leveraging our streaming capabilities, and growing our leadership in ad-supported audio, we are well-positioned to deliver long-term value. Looking ahead, we are energized by the opportunities to build on this strategy and continue offering unparalleled audio experiences through our platforms.

Im proud of the progress we made in 2024 to sharpen our strategy and strengthen our financial foundation, Barry said. We met our 2024 guidance targets, including adjusted EBITDA of approximately $2.73 billion with a solid margin of 31 percent, making strategic investments supported by disciplined cost management. In 2025, we are focused on generating $1.15 billion in free cash flow and achieving an additional $200 million in run-rate savings exiting the year, enabling us to continue investing in the business and returning capital to stockholders while reducing leverage. Our focus will remain on operational efficiency and ROI-driven decisions to ensure value creation going forward.