12 Best Broadcasting Stocks to Buy Right Now

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2. Sirius XM Holdings Inc. (NASDAQ:SIRI)

Number of Hedge Fund Holders: 49

Sirius XM Holdings Inc. (NASDAQ:SIRI) is an audio entertainment company in North America. It operates satellite radio and streaming services. It offers a range of audio content, from music and sports to news and podcasts. It also provides connected car services and advertising solutions.

The company’s broadcasting segment saw mixed results in Q3 2024. While self-pay net additions increased by 14,000, which was an improvement year-over-year, advertising revenue declined by 2% due to market softness. Podcast revenue, however, increased by 6%, with demand outpacing supply. The company’s total revenue was $2.17 billion, a 4% decline year-over-year, primarily due to a 5% drop in subscriber revenue.

Sirius XM Holdings Inc. (NASDAQ:SIRI) expects advertising revenue to continue to be impacted in Q4, which leads to a $75 million reduction in the company’s overall revenue guidance. Despite the advertising challenges, the company is investing in its ad tech stack and podcast content, such as Unwell, to drive future growth in this segment. Unwell is a podcast network with a strong following among Millennials and Gen Z, recently acquired by Sirius XM Holdings Inc. (NASDAQ:SIRI). It’s also growing its subscriber base through new pricing and packaging strategies, as well as content enhancements.

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