SIRIUS XM (SIRI) Sinks On Results and Drop In Subscribers, But iPhone App Coming Soon!

May 7, 2009 2:10 PM EDT
Shares of SIRIUS XM Radio (Nasdaq: SIRI) are 19% lower after reporting a wider-than-expected Q1 loss, as subscribers fell 2% from the fourth quarter of 2008.

But on its conference call, SIRIUS confirmed that they are confident they will be launching an application for the Apple iPhone and iPod Touch before the end of the second quarter.

This could be a huge advancement for the company!

Here is what Scott Greenstein, President and Chief Content Officer, said on the call:

"Following Jim's comments regarding the launch this quarter of the SIRIUM XM app for the iPhone and iPod Touch, SIRIUS XM's unique content will soon be made available to millions of users of these devices. The SIRIUS XM app will deliver an expanded programming lineup that includes SIRIUS XM's exclusive sports, talk, news, comedy and 100% commercial-free music channels as well as new talk, comedy and music showcase channels. Turning to our marketing efforts. We firmly believe in maximizing inherent opportunities with our major talent and programming as substitutes for marketing dollars. As an example, we are leveraging our roster of high profile, influential hosts in order to market and up-sell to our existing subscriber base with pre-produced on-air spots. Currently, we are on-air with Mother's Day, Best of SIRIUS and Best of XM messages voiced by hosts including Howard Stern, Martha Stewart, Oprah Winfrey, Gale King, John Madden, Cal Ripken, Chris 'Mad Dog' Russo, Hugh Hefner, Barbara Walters and many more. Additionally, the launch of the SIRIUS XM app will be heavily supported with on-air messaging featuring a wide array of SIRIUS XM celebrity hosts."

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