SiriusXM Poaches Disney's Top Streaming Exec

Satellite radio broadcaster SiriusXM has tapped a top architect of the Disney + streaming service to help it broaden its appeal to audiences outside the car.

The Wall Street Journal reports Joe Inzerillo, who as executive vice president and chief technology officer of Walt Disney Co. ’s streaming unit played a key role in the creation and launch of the Disney + platform, is joining Sirius XM Holdings Inc. next month as chief product and technology officer, the company said.

In that role, Inzerillo is hoping to jump-start innovation at a company that once disrupted the over-the-air radio business and now finds itself being challenged by streaming titans that dominate music and podcast listening on mobile and at home.

Inzerillo said SiriusXM won’t be afraid to “throw stuff against the wall” and build products that the 150 million collective listeners of its platforms want to use. “It’s better to disrupt yourself than let somebody do it from the outside,” he said.

SiriusXM, whose radios are installed in eight out of every 10 new cars sold, is facing heated competition from tech companies, including Spotify Technology SA, Apple Inc. and Amazon.com Inc., whose on-demand and curated audio streaming options have wrested listeners from radio. Such streaming services have become ubiquitous across devices and follow users from their cellphones to their desktops, voice-activated home speakers and into their cars.

SiriusXM reported 34.1 million total subscribers at the end of the third quarter, down from 34.3 million in the year-earlier period—and down from its peak of 34.9 million subscribers in 2019 when it completed its acquisition of Pandora. Changes in promotional plans with some auto makers and lower vehicle shipments during the pandemic due to supply-chain issues have weighed on the business. Excluding subscribers who get the service free in promotions, self-pay subscriptions reached a record 32 million in the latest quarter.

Sirius’s $3 billion bet on Pandora was meant to help it expand its streaming offerings. The internet radio service known for its customized stations was at one time the largest streaming music provider in the U.S. but has been losing users for years. Pandora rolled out on-demand subscription options, but adoption was slow and it has refocused on its ad-supported business.

SiriusXM has since placed more bets in podcasting—a rapidly growing medium that has become a hotbed of deals for talent and content as Spotify invested hundreds of millions of dollars—buying up E.W. Scripps Co. ’s Stitcher podcasting unit and inking an exclusive deal for Marvel programs.

“The Sirius acquisition of Pandora was really smart, and I think not fully capitalized on yet,” Inzerillo said, adding that there are more ways to explore bundling up the company’s content. “I don’t think we’ve fully capitalized on how to put that all together.”

Catching up is a tall order: Spotify has 381 million monthly active users and 172 million paying subscribers, and it recently passed Apple to become the top podcast platform in the U.S. by listeners, according to Edison Research.

“Joe brings significant experience building and leading innovative digital platforms, and he will be instrumental as SiriusXM continues to evolve,” said Sirius XM Chief Executive Jennifer Witz.

Inzerillo said, "I am a long-time listener and huge fan of SiriusXM, and I could not be more excited to join this team. Streaming and over-the-top offerings have revolutionized the entertainment industry – and audio is no exception. This opportunity is the culmination of all of my professional experiences over the last 30 years, and one I simply could not pass up. From the moment I accepted the role, my mind has been racing with ideas for how we can expand digital capabilities across SiriusXM's business. Together, our team will develop a product and technology roadmap that will further differentiate SiriusXM and bring creative new entertainment options to consumers at scale."