Sirius Expects to Double Subscribers This Year
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Sirius Satellite Radio Inc., the second-biggest pay-radio company, said it would double subscribers this year after ending 2004 with 1.14 million, exceeding its target of 1 million.
The New York company credited retail sales, more awareness of the benefits of satellite radio and recognition by consumers of the company’s programming.
“A growing percentage of subscribers” will come from the new-car market, spokesman Patrick Reilly said.
Sirius has said it needs 2 million subscribers to break even. Neither Sirius nor its larger competitor, Washington-based XM Satellite Radio Holdings Inc., has posted a quarterly profit.
Sirius shares fell 14 cents, or 1.8%, to $7.48. XM shares declined $1.42, or 3.8%, to $36.20. Both trade on Nasdaq.
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