XM Tops 1.5 Million Subscribers

By | February 12, 2004 | Uncategorized

Washington-based XM Satellite Radio [Nasdaq: XMSR] topped the 1.5 million subscriber mark this month, while also reporting that its fourth quarter financial performance beat the guidance it had given Wall Street.

At the end of 2003, XM had amassed 1,360,228 subscribers, with record net subscriber additions of 430,580 coming in the fourth quarter to mark a 46 percent increase from the end of the third quarter. XM’s rapid subscriber growth was buoyed by a “very successful” 2003 holiday shopping season, with more than 100,000 subscribers added during the last seven days of December and 23,000 joining on Christmas Day itself, company officials said.

“With over 1.5 million subscribers today, the foundation is in place to grow XM’s business to 20 million subscribers by 2010,” said XM President and CEO Hugh Panero.

For in-depth coverage of this story, see the Feb. 16 issue of SATELLITE NEWS. For more information about subscribing to PBI Media’s satellite newsletters, check out our Web site at www.satellitetoday.com

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