Sirius XM reported flat third-quarter revenue of $2.15 billion, in line with analyst estimates of $2.16 billion. Adjusted earnings per share were $0.90, beating the $0.79 forecast, while adjusted EBITDA reached $694 million against expectations of $664.8 million. The company ended the quarter with 38.37 million subscribers, in line with a year earlier. Chief executive officer Jennifer Witz said it delivered positive self-pay net additions, improved churn, and stable average revenue per user. Sirius XM expects full-year EBITDA of $2.65 billion at the midpoint, in line with analyst expectations. Its shares trade at $28.99, up from $27.32 before the earnings, giving it a market value of $9.76 billion. Analysts pressed management on Companion plans, the YouTube Audio advertising partnership, and fourth-quarter margins, which face pressure from targeted marketing investments.

SiriusXM launches The Wu-Tang Clan Channel. The pop-up channel runs through December 1st. SiriusXM launches The Wu-Tang Clan Channel, presented by Rock The Bells Radio. The exclusive pop-up channel celebrates one of hip-hop's most influential groups and their lasting impact on music and culture. The channel will be available to subscribers on the SiriusXM app from November 4th through December 1st. The Wu-Tang Clan Channel takes listeners deep into the Wu-Tang universe, featuring classic anthems, essential album cuts, iconic solo projects, and live performances. Fans will also hear exclusive interviews with Wu-Tang Clan members, rare stories behind the music, and special programming available only on SiriusXM. The celebration extends to LL Cool J's Rock The Bells Radio, SiriusXM channel 43, where every Wednesday in November will be dedicated to all things Wu-Tang. These special Wu-Wednesdays will spotlight the group's more than three-decade career with music from their legendary catalog, exclusive commentary, behind-the-scenes insights, and personal reflections on the collective's influence and legacy. Members of Wu-Tang Clan will also sit down in front of a live audience at SiriusXM's Los Angeles studios for an exclusive Front Row Q&A event hosted by Peter Rosenberg on Thursday, November 12th. The full conversation will air Friday, November 13th at 6 pm ET on both LL Cool J's Rock The Bells Radio and The Wu-Tang Clan Channel and will be available afterwards on the SiriusXM app. In celebration of the pop-up channel, SiriusXM subscribers and fans can enter for a chance to win a pair of tickets to attend a special Front Row with Wu-Tang Clan. The Wu-Tang Channel, presented by Rock the Bells Radio, is a month-long celebration of one of hip-hop's most influential groups, as they celebrate Wu-Tang Clan Day in New York City, honoring the release date of their 1993 landmark debut album and their induction into the Rock & Roll Hall of Fame.

Pandora's monthly user base fell by 2.75m YoY in Q3, while SiriusXM's total revenue share and royalty costs rose to $726M. November 2, 2026 Pandora's monthly active user base shrank by 2.75 million year-over-year in the third quarter of 2026. The streaming service had 38.81 million monthly active users (MAUs) at the end of September, down 6.6% from 41.56 million a year earlier. That's according to third-quarter results published by parent company SiriusXM on Thursday (October 29). The number of people paying for Pandora also fell over the same period. Self-pay subscribers across Pandora Plus and Pandora Premium totaled 5.51 million at the end of Q3, down 177,000 YoY. Ad-supported listener hours on Pandora dropped 10% YoY to 2.25 billion in the quarter. Across the whole of SiriusXM, consolidated revenues slipped from USD $2.159 billion in Q3 2025 to $2.153 billion. The company blamed the dip mainly on a 16% YoY fall in equipment revenue, which it attributed to the rising cost of memory components used in its radio hardware. SiriusXM's net income for the quarter rose 7% YoY to $317 million. Its revenue share and royalty costs increased by $5 million YoY to $726 million. That figure was equivalent to 33.7% of SiriusXM's total revenues in the quarter, up from 33.4% a year earlier, by MBW's calculation. The SiriusXM segment, which houses the company's satellite and streaming subscription service, accounted for $392 million of that total, up 2% YoY. Revenue share and royalties at the Pandora and Off-platform segment, by contrast, fell 1% YoY to $334 million. Alongside Pandora, that segment covers advertising SiriusXM sells on podcasts and other audio platforms, as well as its ad-tech business AdsWizz. Revenues at Pandora and Off-platform were $549 million in Q3, compared with $548 million a year earlier. Advertising revenue in the segment grew 1% to $419 million, which SiriusXM credited to podcasting, programmatic sales, and technology fees. The company said those gains were partly offset by lower music streaming ad sales on Pandora, as listening hours declined. Subscriber revenue in the segment fell 2% YoY to $130 million. SiriusXM said this was mainly the result of having fewer subscribers. SiriusXM CEO Jennifer Witz said the company's Q3 results showed it was "building a stronger, more durable SiriusXM." Witz pointed to steadier subscriber numbers at the SiriusXM service, rising listener engagement, and the additional advertising inventory the company has gained through its YouTube Audio partnership. The SiriusXM service added approximately 5,000 self-pay subscribers in Q3, compared with a net loss of 40,000 in the prior-year quarter. It ended September with 32.85 million total subscribers, of which 31.26 million were self-pay. Average monthly revenue per user (ARPU) at the service was $15.18, versus $15.19 in Q3 2025. SiriusXM also raised its full-year 2026 guidance for the second consecutive quarter, lifting its revenue, adjusted EBITDA, and free cash flow forecasts by $25 million each. It now expects full-year revenues of approximately $8.55 billion. CFO Zac Coughlin said a more efficient operating model and declining satellite capital spending put the company in a position to step up share buybacks in 2027. SiriusXM's 10-Q filing for the quarter, published on the same day, includes updates on two disputes with music rights organizations. The first is a lawsuit filed against Pandora in February 2024 by the Mechanical Licensing Collective (MLC). The MLC alleges that Pandora underpaid mechanical royalties on its free, ad-supported tier, which it argues qualifies as an interactive service. The 10-Q says the MLC also argues that Pandora should be paying additional mechanical royalties for its Pandora Plus tier. SiriusXM states in the filing that the MLC's claims "would require Pandora to have paid and continue to pay significantly higher royalties." The court denied the parties' cross-motions for summary judgment on September 30 and has yet to schedule a new trial date, according to SiriusXM. Judge Eli J. Richardson said in his order that it would be more efficient to resolve the contested issues at trial than to spend the court's resources deciding the motions. The MLC asked the court on October 14 to reconsider that order and grant it summary judgment or, failing that, to let both sides file new, shorter motions. As a further fallback, it asked the court to certify the order for an immediate appeal. In a response filed on Wednesday (October 28), Pandora opposed the MLC's request to be granted summary judgment outright. It did not oppose the court reconsidering the MLC's motion, however, provided the court also revisits its rejection of Pandora's own. Nor did it object to a fresh round of shorter motions, and it took no position on an immediate appeal. The second dispute involves BMI, which filed a rate court action against SiriusXM in September 2024. The performing rights organization asked the court to confirm that the license fees it had quoted to SiriusXM were reasonable, or otherwise to set reasonable rates. At the time, BMI President and CEO Mike O'Neill accused SiriusXM of "underpaying the creators of the music that drives the majority of their business." The filing also notes that SiriusXM currently operates under an interim license with BMI, and that the trial is set to begin on January 11, 2027. For subscribers billed directly by Pandora, Premium now costs $11.99 a month, up from $10.99, while Plus has risen from $4.99 to $5.99. The Premium Family plan has gone up from $17.99 to $19.99. The new prices took effect for new purchases on September 22 and apply to existing subscribers' bills from October 22. "We haven't made this decision lightly," Pandora said on its support website. SiriusXM says in its 10-Q that it expects subscriber revenue in the Pandora and Off-platform segment to grow, with higher pricing offsetting a decline in the average number of subscribers. Pandora ended 2023 with 46.0 million MAUs, according to SiriusXM figures cited by MBW at the time - around 7.2 million more than its Q3 2026 total.Music Business Worldwide