SiriusXM is cutting approximately 100 positions throughout the company, which represents less than 2% of its total employees, according to Axios.
Why It Matters: These layoffs are part of SiriusXM's strategy to reduce costs and concentrate more on its traditional car radio offerings rather than streaming services.
Flashback: On December 10, SiriusXM revealed plans to save $200 million annually by reallocating marketing and resources from high-cost, high-turnover streaming audiences. This announcement was made roughly a year after launching a new streaming app aimed at competing with services like Spotify.
CEO Jennifer Witz tod investors last month that they will look at marketing expenses for some of those cuts, particularly as they scale back efforts to reach young streaming listeners. They also hope to use AI to create more personalized pitches.
“At SiriusXM, we are focusing on the strengths that set us apart — including our strong core subscriber base, our unique position in-vehicle, and our unrivaled, curated content — and taking steps to drive profitability and cash flow as we face marketplace headwinds impacting the company’s growth trajectory,” Witz said on an earnings call. “We have a clear path forward and are confident we can deliver for our stockholders.”
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Alex Cooper |
What to Watch: SiriusXM is attempting to expand its business by partnering with well-known podcasters. This includes deals with SmartLess Media, hosted by Will Arnett, Jason Bateman, and Sean Hayes, and Alex Cooper of "Call Her Daddy" and her Unwell Network.
Tuesday, SiriusXM announced that Alex Cooper will curate a new channel named Unwell Music. Additionally, there will be an "Unwell On Air" channel, which will include highlights from her podcast network and offer live daily programming.
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