8 Best Music Stocks to Buy According to Hedge Funds

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

Number of Hedge Fund Holders: 33

Sirius XM Holdings Inc. (NASDAQ:SIRI) is a leading audio entertainment company in North America. The firm has a portfolio of audio businesses which include its flagship subscription entertainment service SiriusXM, the ad-supported audio entertainment streaming service Pandora, an expansive podcast network, and a suite of business and advertising solutions.

SIRI offers a one-of-a-kind curated music experience to its users. The firm has highly satisfied customers with its weighted average user score on overall satisfaction and a good price/value exceeding that of peer services. The firm’s dynamic entertainment services deliver the most compelling audio content together. While SiriusXM offers channel after channel of ad-free music in every genre, Pandora provides a highly personalized music and podcast experience.

SIRI has a strong core subscription business and is a global leader in subscription audio monetization with nearly $7 billion in revenue. Simultaneously, it has a growing advertising business being an ad-supported digital audio pioneer via Pandora, with nearly 20 years of experience. The growing streaming music and podcast networks reach over 150 million people every month in North America.

Sirius XM Holdings Inc. (NASDAQ:SIRI) posted a second-quarter 2024 revenue of $2.18 billion and adjusted EBITDA of $702 million. The firm closed the quarter with SiriusXM total subscribers of 33 million and Pandora and Off-Platform self-pay subscribers of 6.0 million.