SiriusXM CEO Says Buzzword is "Connected Car."
Reporting Q4 earnings Tuesday, CEO Jim Meyer said 2012 was a great year for SiriusXM. The company now has 23.9 million subscribers and finished the year with $3.4 billion in revenue, up 13 percent over 2011. Free cash flow was up 71 percent to $709 million. Meyer gave a lot of credit for a strong 2012 to the rebound in automotive sales. SiriusXM is now installed in 50 million vehicles or 20 percent of all registered vehicles on the road. Meyer says he expects that number to double in the next five years. "The buzzword is connected car. We have the best audio entertainment in the country."
Meyer also said the company will continue to broaden its Internet capabilities to expand the user experience and strengthen in-vehicle technologies. "We are thrilled to announce that our personalized radio feature, MySXM, is now in public beta testing and will be available to our Internet subscribers in the near future. We are committed to ensuring SiriusXM's long-term leadership in audio and data services, particularly in vehicles, and we will do that by continuing to innovate and improve our technology, programming, and customer care."