Sirius XM Holdings Inc. (NASDAQ: SIRI) is an audio entertainment company that operates two primary businesses: the SiriusXM satellite and streaming radio service and the Pandora digital audio platform. The company makes money through subscriber fees and advertising. The SiriusXM segment collects monthly subscription fees from self-pay and promotional subscribers in vehicles and on connected devices, while Pandora generates revenue through both subscriptions (Pandora Plus and Pandora Premium) and ad-supported listening. As of December 31, 2025, the SiriusXM service had 32,927 thousand total subscribers, and Pandora had 5,630 thousand self-pay subscribers and 41,112 thousand monthly active users across all services. The company also operates AdsWizz, a digital audio advertising technology platform serving third-party music platforms, podcasts, and broadcasting groups worldwide, alongside Simplecast, a podcast management and analytics platform. Executive offices are located in New York, New York.

Revenue model

Subscription fees from SiriusXM self-pay and paid promotional subscribers; subscription fees from Pandora Plus and Pandora Premium tiers; advertising revenue from Pandora's ad-supported service and from AdsWizz's third-party digital audio advertising technology platform.

Products and services

SiriusXM satellite and streaming radio service; Pandora ad-supported personalized radio; Pandora Plus (ad-free subscription radio); Pandora Premium (on-demand subscription streaming); AdsWizz digital audio advertising technology platform including dynamic ad insertion and programmatic audio; Simplecast podcast management, hosting, distribution, analytics, and advertising platform; Simplecast Creator Connect podcaster portal.

Customers and end markets

Individual consumers subscribing to satellite and streaming audio in vehicles and on connected devices; ad-supported listeners on Pandora across all platforms; local and national advertisers targeting Pandora listeners; third-party music platforms, podcast networks, and broadcasting groups using AdsWizz advertising technology; podcasters using Simplecast. As of December 31, 2025: 31,345 thousand SiriusXM self-pay subscribers, 1,582 thousand paid promotional subscribers, 5,630 thousand Pandora self-pay subscribers, and 41,112 thousand Pandora and off-platform monthly active users.

Value-chain role

Content aggregator and distributor for audio entertainment; subscription platform operator; digital audio advertising technology provider through AdsWizz; podcast infrastructure provider through Simplecast. Pays revenue share and royalties to rights holders: $1,542 million in FY2025 and $1,565 million in FY2024. Programming and content expenses were $555 million in FY2025.

Geographic exposure

Primarily United States. Sirius XM Canada is a separate tracked entity with 2,437 thousand subscribers as of December 31, 2025. AdsWizz serves third-party customers worldwide.

Source: SEC 10-K, filed 2026-02-05

Industry: Radio Broadcasting Stations Peers: Optimum Communications Inc Comcast Corp Cable One Inc Charter Communications Inc DISH Network CORP Liberty Broadband Corp WideOpenWest, Inc.