SiriusXM announced yesterday its fourth quarter and overall 2018 financial results, including record revenue of $1.5 billion and $5.8 billion, respectively. This marks an increase of 7% and 6% over last year, respectively. Simultaneously, the company has discussed plans around their merger with Pandora.
The company had acquired Pandora last year in a $3.5 billion, and CEO Jim Meyer and CFO David Frear spoke of their merger plans. Meyer said:
“This merger has never been about cost synergies: we see tremendous opportunities to create unique listening packages [and] strong prospects for cross promotions across combined North American audiences.”
In a candid conversation, Meyer also noted some challenges for Pandora to overcome:
“Without a doubt, the biggest challenge at Pandora is active listeners and listener hours,” adding that “We are focused on that, we believe deep in our gut that that metric is fixable by making the listening experience more compelling.”