SiriusXM is implementing major strategic changes, shifting focus from streaming audiences to its core automotive listener base. This decision comes as 90% of their subscribers primarily use the service in their vehicles.

Key Changes and Financial Impact:

• Redirecting marketing resources from streaming to automotive segments
• Targeting $200 million in annualized savings by end of 2025
• Delivering $250 million in run rate savings for 2023-2024
• Expanding access to over two million vehicles, including Tesla models

The company will maintain its streaming platform primarily to support IP and satellite-enabled vehicles while offering it as a value-added benefit to existing subscribers.

Leadership Changes:

• Wayne D. Thorsen joins as Executive Vice President & Chief Operating Officer (December 16)
• Joseph Inzerillo stepping down as Chief Product & Technology Officer

CEO Jennifer Witz emphasizes this strategy leverages SiriusXM's core strengths: their substantial subscriber base, vehicle presence, and curated content offerings. These changes follow the December 2023 streaming app relaunch and aim to enhance profitability amid current market challenges.

The company plans to optimize subscriber lifetime value, marketing efficiency, and content investments to align with these new strategic goals.

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