Sirius XM"s revenue is expected to grow by 1% in the fourth quarter. However, this is less than the 2% growth projected by analysts. Moreover, the number of paid promotional subscribers decreased by 49,000. In Q3, the company reported 4% year over year revenue growth.
To increase efficiency, the company is assessing its processes. For example, it is now testing a new system that will allow it to provide the most popular features to its users without the cost of building a separate infrastructure. Also, the company is retooling its marketing and sales teams. They are considering a variety of other methods to boost performance. Ultimately, the company will be able to reduce its workforce by as much as 2.4% in 2021.
Sirius XM also offers several services that make it easy for consumers to plan their trips and book hotels and restaurants. Additionally, the service can notify users when heavy storms are expected and help them find the best gas prices. Finally, the company can guide customers to parking spots and electric vehicle charging stations. All of these services are helpful when planning a vacation or navigating a new city.
While it"s hard to know exactly how many jobs will be cut, the company plans to make changes to its staff in the coming weeks. These changes include firing more than 300 employees. Some top managers have been laid off.
On the legal front, the state of Texas has tried to impose a tax on the company, which has resisted. A rule was adopted in January that would give taxpayers clarity. Specifically, the rule stated that the company"s receipts should be apportioned to where the customer receives the benefit. Until this ruling, the company had no way of knowing how to correctly calculate its taxes. Luckily, the court ruled in its favor.
One example of a Sirius XM channel is XM21, which plays music from the Ramones. Another is Sirius Mostly Music, which covers hundreds of music channels. Lastly, there is the Sirius All Access package. That includes everything from SirusXM Select, as well as two Howard Stern Channels, NFL, and Major League Baseball.
With its numerous offerings, SiriusXM can be a valuable asset to anyone who wants to hear the latest and greatest in entertainment. With the company"s impressive technology, it is easy to listen to the top-rated stations on demand. Users can even create ad-free radio stations. Streaming services are gaining more popularity among hard-core music fans.