SiriusXM Flat on News of Upcoming App

SiriusXM (NASDAQ:SIRI) announced Wednesday that it will launch a revamped app and a newly priced streaming plan as it pushes to attract younger customers.

The company will launch the offerings on Dec.14, first on streaming, and later in car interfaces. It will price the new plan at $9.99 per month.

“Our growth audience is millennials and younger, who are willing to pay for an experience,” CEO Jennifer Witz said during an event Wednesday where the company unveiled the new services. The star-studded event included appearances by Howard Stern, Conan O’Brien, Andy Cohen and Kevin Hart, and a performance by Kelly Clarkson.

The satellite radio company, home to big-name hosts like Howard Stern and Andy Cohen, is hoping its new app interface will make the millennial and younger generations, many of whom are used to Spotify or Apple Music, feel right at home. The move comes as Sirius looks for a jolt to pull it out of stagnant sales and a 20% decline in its share price this year.

Listeners will now have “always-on” curation and a personalized library featuring four new stations on the app landing page: Music, Talk & Podcasts, Sports, and For You. The app will also bring features like enhanced search, improved podcast listening and greater content discovery.
SiriusXM has shed subscribers recently, as it reported a loss of 94,000 satellite radio subscribers in the third quarter.

SIRI shares dropped four cents to $4.65.

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