SiriusXM (SIRI) to Offer Live Audio PGA Championship Broadcast
SiriusXM SIRI recently announced that it would cover the 2022 PGA Championship to take place between May 19 and May 22 in Oklahama.
According to the broadcasting agreement, SiriusXM will provide live audio broadcasts of the Championship play-by-play in co-production with Westwood One. SiriusXM will also provide live look-ins during its programming, twice a day (morning and afternoon), to provide listeners play-by-play and updates on featured groups playing earlier in the day.
The company will be airing the broadcasts nationwide on channel 208 or 92 on SiriusXM radios. The subscribers can listen to it on the SiriusXM radio in-vehicle and the SiriusXM app.
Sirius XM Holdings Inc. Price and Consensus
Sirius XM Holdings Inc. price-consensus-chart | Sirius XM Holdings Inc. Quote
Focus on Broadcasting Agreements Help Expand User Base
The company has been recovering from the coronavirus-led disruptions, especially in terms of ad spendings. As is evident in IAB’s Ful Year 2021 Report, digital audio was the fastest-growing segment last year, capturing the highest YoY growth of 57.9%, at $4.9 billion. The trend is likely to continue in the near term. In the last reported quarter, SiriusXM’s advertisement revenues climbed 8.2% year over year to $383 million.
Self-pay subscribers increased 3% year over year to 32 million in the first quarter of 2022. The company expects approximately 500,000 new self-pay SiriusXM subscribers this year. An expanding content portfolio with recent broadcasting agreements is expected to drive the top line and bolster subscriber growth in the near term.
The company’s recent multi-year deal extension with Formula 1, which allows SiriusXM to continue to provide coverage of every F1 race to subscribers nationwide throughout 2024, also bodes well for its robust content portfolio and aids customer acquisition. It adds to the ongoing measures taken by the company to expand its content offerings.
Additionally, SiriusXM also offered its subscribers comprehensive nationwide coverage of the Kentucky Derby, which took place on May 7 and May 8.
The company has introduced several new pop-up channels, limited engagement channels, holiday specials, exclusive video, podcasts and best-of-live across satellite and app-based platforms. These are expected to have driven customer engagement on its platform and fueled subscriber growth.
Zacks Rank and Stocks to Consider
Currently, SiriusXM holds a Zacks Rank #3 (Hold)
SiriusXM’s shares have fallen 3.5% year to date compared with the Zacks Broadcast Radio and Television industry’s decline of 52.9%. The Consumer Discretionary sector has tumbled 29.7%.
Some better-ranked stocks in the Zacks Consumer Discretionary sector are H&R Block HRB, which sports a Zacks Rank #1 (Strong Buy), and WillScot Mobile Mini WSC and Aaron's AAN, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
H&R Block shares have returned 38.3% against the Zacks Consumer Services – Miscellaneous industry’s fall of 17.3% and the Consumer Discretionary sector’s plunge of 29.7% in the year-to-date period.
WillScot Mobile Mini stock has declined 15.3% against the Zacks Furniture industry’s decline of 16.8% and the Consumer Discretionary sector’s fall of 29.7% in the year-to-date period.
Shares of Aaron's have plunged 19.3% compared with the Zacks Consumer Services – Miscellaneous industry’s decline of 17.3% and the Consumer Discretionary sector’s fall of 29.7% in the year-to-date period.
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