Podcasts Offset SiriusXM Basics Subscription Loses

SiriusXM’s podcasting business has become a significant growth driver, with “off-platform earnings” reaching $606 million in 2024, largely driven by podcast advertising, up from $475 million in 2022, according to The New York Times. 

This marks a 27% increase over two years, reflecting SiriusXM’s strategic pivot from its traditional satellite radio roots—bolstered by figures like Howard Stern—toward digital audio and podcasting.

The company’s podcasting success is part of its broader “Pandora and Off-Platform” segment, which includes Pandora’s ad-supported and premium music streaming services and an expansive podcast network. 

In 2024, this segment generated $2.15 billion in total revenue, a 2% increase from $2.11 billion in 2023, with advertising revenue reaching $1.6 billion, up $17 million year-over-year, attributed to podcasting and programmatic sales. Podcast advertising has been a standout, with Q2 2025 alone showing nearly 50% year-over-year growth, driven by high-profile partnerships with creators like Alex Cooper, Trevor Noah, and the true-crime podcast Morbid.

SiriusXM has expanded its podcast network through acquisitions like Stitcher and Conan O’Brien’s Team Coco, as well as exclusive ad sales agreements with creators like Lyle Foster (Critical Role, Therapy Gecko) and renewals with Mel Robbins. These moves allow SiriusXM to monetize podcasts across platforms, rather than restricting them to its own ecosystem, maximizing ad reach. For example, the introduction of Crime Junkie Radio with Ashley Flowers and This Life of Mine with James Corden, a top-three show, highlights SiriusXM’s focus on premium content to drive engagement.

Despite subscriber losses in its core SiriusXM business (33 million subscribers in 2024, down 296,000 from 2023) and Pandora Plus/Premium (5.8 million subscribers, down 101,000), podcasting has offset declines. 

The company’s Q1 2024 podcast revenue rose 16% year-over-year, and Q2 2025 saw continued “strong growth dynamics,” per CEO Jennifer Witz. 

SiriusXM’s ad tech platform, AdsWizz, also supports this growth by enhancing programmatic sales and ad solutions.However, challenges remain. The high cost of premium podcast production and reliance on ad revenue in a competitive market pose risks, especially as SiriusXM navigates a broader $200 million cost-cutting initiative in 2025. 

The company is also shifting focus to its core in-car subscription business, which could limit podcasting investment if subscriber trends worsen. Still, SiriusXM’s podcasting arm is a bright spot, leveraging exclusive content and strategic partnerships to climb podcast charts and drive revenue, positioning it as a leader in ad-supported audio.