XM Subs Soar Past 9 Million
XM Satellite Radio reported that it added 460,000 customers in the fourth quarter, taking its total subscriber count to a little more than 9 million.
Highlights for the quarter included the company narrowing its loss to $18 million. XM said fourth quarter revenues jumped to $308 million, an increase of 20 percent when compared to the $257 million in revenues reported in fourth quarter 2006.
The other highlight for the satellite radio company was continued success at the OEM level.
XM said that in 2007 its automotive partners increased production of XM-equipped vehicles by 64 percent when compared to 2006, with 3.5 million vehicle installs during the year, and more than a million in the fourth quarter alone.
As for individual vehicles, the 2009 Toyota Corolla and Matrix are now available with factory-installed XM Radio. General Motors expanded XM as standard equipment on all 2008 Buick, HUMMER and Saab models. And Hyundai announced that the 2008 Tiburon, Accent and Tucson models with standard XM would be available in the spring.
As for the company's proposed merger with Sirius, XM President Nate Davis said, "Our pending merger will benefit shareholders and offer consumers more programming choices and lower prices. We are pleased with the strong support our merger has received from a broad range of organizations, and we look forward to regulatory approval in the near future."
The pending XM/Sirius merger is before the Federal Communications Commission and antitrust staff at the Justice Department.