Yahoo Finance Sirius XM (SIRI) to Broadcast Major League Baseball 2023 Season
Sirius XM SIRI announced that it would cover the full Major League Baseball 2023 season. The season will start on Mar 30. Sirius XM will broadcast all matches starting from the opening day till the end of the season.
Subscribers can access expert analysis, live play-by-play of every game and 24/7 news. The opening day from Nationals Park will be broadcasted on MLB Network Radio.
Black Diamonds, a Sirius XM’s award-winning show, will also return on Mar 30, hosted by Negro Leagues Baseball Museum president and historian Bob Kendrick. This show is about the history of the Negro Leagues and the people, players and incidents that shaped it.
The SXM app also offers 30 play-by-play radio channels dedicated to each MLB team, giving viewers the choice between the visiting and home teams. These 30 channels will also be available on vehicles equipped with SiriusXM with 360L radios.
Sirius XM Holdings Inc. Price and Consensus
Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote
Sirius XM’s Focus on Market Share to Boost Top Line
This Zacks Rank #3 (Hold) company is looking to increase its market share in a highly cluttered market. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of SIRI have lost 41.1% in the past year compared with the Zacks Consumer Discretionary sector’s decline of 20.3% in the same period.
SIRI reported fourth-quarter 2022 profit of 9 cents per share, beating the Zacks Consensus Estimate by 12.5%. Revenues increased 0.04% year over year to $2.28 billion, which missed the Zacks Consensus Estimate by 0.73%.
Sirius XM is looking to increase its market share to compete with music giants like Spotify Technology SPOT, Apple AAPL music and Amazon.com AMZN music.
According to a musical pursuits report, music streaming accounts for 84% of the U.S. music industry’s revenues. Notably, 82.1 million Americans are paid subscribers of on-demand music. Spotify holds 22.09% of the market share, followed by Apple Music with 6.36%, Sirius XM with 1.91% and Amazon Music with 0.65%.
Spotify has an extensive library and it is easy to find music or podcasts, helping Spotify maintain its dominant position in the market. Apple’s ecosystem, which enables users to switch between devices seamlessly, is a major reason for its high market share in the streaming industry. Amazon Music can be accessed through its wide range of devices like Echo and Fire TV Stick. These devices are widely used, which contributes to its market share.
The 82.1 million American subscribers indicate that the market does not have much room to grow but Sirius XM can focus on the market share of its competitors to grow considerably. The Zacks Consensus Estimate for revenues for first-quarter 2023 is pegged at $2.18 billion, indicating a year-over-year decline of 47%.
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