Radio subscription statistics show two related but different pictures: SiriusXM remains a large paid audio service with more than 32 million subscribers, while Pandora’s paid base is measured separately at about 5.6 million. Recent reports also show that quarterly movement, trial-funnel size, churn, revenue, and average revenue per user can change in different directions.
Contents
- SiriusXM subscriber totals
- Self-pay and promotional subscriptions
- Pandora paid subscriptions
- Recent quarterly movement
- Trials and churn
- Revenue and ARPU
SiriusXM subscriber totals
SiriusXM’s reported U.S. subscriber base ended 2025 at 32.927 million. That was 299,000 fewer than the 33.226 million reported at December 31, 2024. The 2024 total was itself down 649,000, or 2%, from 33.875 million at December 31, 2023. These are end-of-period totals, so they describe the subscriber count on each measurement date rather than the average number of accounts active during the year. Sirius XM Holdings Inc. Annual Report on Form 10-K for the year ended December 31, 2025 (Source: Sirius XM 2025 Form 10-K); Sirius XM Holdings Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (Source: Sirius XM 2024 Form 10-K).
The weighted average gives a second view of scale. SiriusXM’s average subscriber count was 32.797 million for full-year 2025 and 33.292 million for full-year 2024. The 495,000 difference between those reported averages indicates that the annual operating base was lower in 2025, even though the year-end decline was smaller than the 2024 year-end decline. (Source: Sirius XM 2025 Form 10-K.)
The more recent quarterly figures are not identical to the calendar-year totals. SiriusXM reported 32.869 million subscribers at June 30, 2026, which was 72,000 more than at June 30, 2025. Its second-quarter 2026 release also described approximately 33 million total subscribers at the end of the quarter. The quarterly release uses an approximate presentation, while the 10-Q gives the more precise 32.869 million figure for June 30, 2026. Sirius XM Holdings Reports Strong Second Quarter 2026 Results and Raises Full-Year Financial Guidance (Source: SiriusXM Q2 2026 earnings release); Sirius XM Holdings Inc. Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (Source: Sirius XM Q2 2026 Form 10-Q).
For another checkpoint, SiriusXM had 32.808 million subscribers at September 30, 2025, down 348,000 year over year. The September figure and the June 2026 figure should not be treated as a continuous monthly series: they are separate reporting-date observations. SiriusXM Reports Third Quarter 2025 Operating and Financial Results (Source: SiriusXM Q3 2025 earnings release).
| Measurement date or period | SiriusXM reported subscribers |
|---|---|
| December 31, 2023 | 33.875 million |
| December 31, 2024 | 33.226 million |
| December 31, 2025 | 32.927 million |
| June 30, 2026 | 32.869 million |
Self-pay and promotional subscriptions
Total subscribers combine subscription groups with different commercial characteristics. At December 31, 2025, SiriusXM had 31.345 million self-pay subscribers and 1.582 million paid promotional subscribers. At December 31, 2024, the corresponding counts were 31.646 million and 1.580 million. At December 31, 2023, they were 31.942 million and 1.933 million. (Source: Sirius XM 2025 Form 10-K; Sirius XM 2024 Form 10-K.)
The annual changes help explain the total. During 2025, self-pay subscribers decreased by 301,000, while paid promotional subscribers increased by 2,000. During 2024, self-pay subscribers decreased by 296,000 and paid promotional subscribers decreased by 353,000. The two groups therefore contributed differently to the year-over-year total movements. (Source: Sirius XM 2025 Form 10-K; Sirius XM 2024 Form 10-K.)
Self-pay is especially useful when assessing direct subscription demand because the reported self-pay net-additions figures track additions and losses in that group. It should still be kept separate from total subscribers and from promotional accounts. A change in the composition of the base can affect the overall total without matching the direction or size of self-pay movement.
The annual data also show why a year-end total alone is incomplete. SiriusXM’s 2025 weighted average subscriber count was 32.797 million, versus 33.292 million in 2024, while the year-end self-pay counts fell from 31.646 million to 31.345 million. The average and end-period measures answer different questions: one describes the reported annual operating base, and the other records the position at the final date.
Pandora paid subscriptions
Pandora’s paid subscription statistics are reported as self-pay subscribers. Pandora had 5.630 million self-pay subscribers at December 31, 2025, down 144,000, or 2%, from 2024. At December 31, 2024, it had 5.774 million, down 279,000, or 5%, from 2023. The December 31, 2023 total was 6.053 million. Sirius XM Holdings Inc. Annual Report on Form 10-K for the year ended December 31, 2025 (Source: Sirius XM 2025 Form 10-K); Sirius XM Holdings Inc. Annual Report on Form 10-K for the year ended December 31, 2024 (Source: Sirius XM 2024 Form 10-K).
Pandora’s self-pay subscriber net additions were negative 144,000 in 2025. They were negative 279,000 in 2024, compared with negative 199,000 in 2023. In other words, each of those annual observations represents a net reduction in the self-pay base, with the reported reduction smaller in 2025 than in 2024. (Source: Sirius XM 2025 Form 10-K; Sirius XM 2024 Form 10-K.)
The Q2 2026 reporting period placed Pandora Plus and Pandora Premium at approximately 5.6 million self-pay subscribers at quarter-end. Pandora’s subscriber revenue was $130 million in Q2 2026. Because the quarterly subscriber figure is approximate and the annual figures are reported to three decimal places, the values should be retained at their stated precision. (Source: SiriusXM Q2 2026 earnings release.)
One component disclosed for the 2024 base was Cloud Cover. Pandora’s self-pay subscribers included 57,000 Cloud Cover subscribers at December 31, 2024. That component should not be added again to the total; it is described as part of the reported self-pay count. SiriusXM Reports Fourth Quarter and Full-Year 2024 Operating and Financial Results (Source: SiriusXM Q4 2024 earnings release).
Recent quarterly movement
Quarterly net additions provide a closer view of changes than annual endpoint comparisons. SiriusXM self-pay net additions were positive 22,000 in Q2 2026, compared with negative 68,000 in Q2 2025. The Q2 2025 release separately reported negative 68,000, while Q3 2025 recorded negative 40,000 and Q4 2025 recorded positive 110,000. SiriusXM Reports Second Quarter 2025 Operating and Financial Results (Source: SiriusXM Q2 2025 earnings release); SiriusXM Reports Fourth Quarter and Full-Year 2025 Operating and Financial Results (Source: SiriusXM Q4 2025 earnings release).
| SiriusXM self-pay movement | Reported net additions |
|---|---|
| Q2 2025 | -68,000 |
| Q3 2025 | -40,000 |
| Q4 2025 | +110,000 |
| Q2 2026 | +22,000 |
For the first half of 2026, SiriusXM self-pay net additions were negative 57,000, compared with negative 429,000 in the first half of 2025. The June 30, 2026 Form 10-Q also reported 32.869 million total subscribers, 72,000 above the June 30, 2025 total. Those measures indicate that self-pay movement and total-subscriber movement are related but not interchangeable. (Source: Sirius XM Q2 2026 Form 10-Q; SiriusXM Q2 2026 earnings release.)
The first nine months of 2025 produced negative 411,000 self-pay net additions, compared with negative 445,000 in the first nine months of 2024. Total net subscriber additions for the same 2025 period were negative 418,000, compared with negative 719,000 in 2024. These are cumulative nine-month figures, not third-quarter-only results. (Source: SiriusXM Q3 2025 earnings release.)
The fourth-quarter comparison was more favorable: self-pay net additions were positive 149,000 in Q4 2024, compared with positive 131,000 in Q4 2023. A positive quarter can therefore occur within a year whose full-year ending total is lower than the prior year’s ending total. SiriusXM Reports Fourth Quarter and Full-Year 2024 Operating and Financial Results (Source: SiriusXM Q4 2024 earnings release).
Trials and churn
SiriusXM’s trial funnel was 7.5 million at the end of Q2 2026, up from 7.3 million at the end of Q1 2026. The Q2 2025 trial funnel was 7.6 million. At the end of 2025 it was 7.2 million, compared with 7.3 million at the end of 2024, 7.2 million at the end of 2023, and 6.8 million at the end of 2022. (Source: SiriusXM Q2 2026 earnings release; SiriusXM Q2 2025 earnings release; SiriusXM Q4 2025 earnings release; SiriusXM Q4 2024 earnings release.)
The funnel figures represent reported trial-funnel observations at particular dates. They should not be described as paid subscribers, and the supplied reporting does not provide a conversion rate from trials to paid accounts. The movement from 7.3 million at the end of Q1 2026 to 7.5 million at the end of Q2 2026 is therefore a change in the funnel count, not a quantified count of new paid conversions.
SiriusXM self-pay monthly churn was approximately 1.4% in Q2 2026. In Q4 2024, self-pay monthly churn was 1.5%, down 0.1 percentage point from Q4 2023. These are monthly churn measures for the stated quarters, not annual churn rates. (Source: SiriusXM Q2 2026 earnings release; SiriusXM Q4 2024 earnings release.)
Revenue and ARPU
SiriusXM generated $6.42 billion in total revenue in 2025, down 2% from 2024. Total revenue in 2024 was $6.6 billion, down 4% from 2023. Subscriber revenue was $6.616 billion in 2024, compared with $6.866 billion in 2023. Total revenue and subscriber revenue are different measures and should not be compared as if they were the same line item. (Source: SiriusXM Q4 2025 earnings release; Sirius XM 2024 Form 10-K.)
Annual ARPU was $15.11 in 2025, compared with $15.21 in 2024. The reported quarterly figures were $15.32 in Q2 2026, up 1% year over year, $15.22 in Q2 2025 versus $15.24 in Q2 2024, and $15.19 in Q3 2025 versus $15.16 in Q3 2024. Nine-month ARPU was $15.09 in 2025, compared with $15.25 in 2024. (Source: Sirius XM 2025 Form 10-K; SiriusXM Q2 2026 earnings release; SiriusXM Q2 2025 earnings release; SiriusXM Q3 2025 earnings release.)
These ARPU observations are period-specific. The annual values summarize full-year periods, the nine-month values cover the nine months ended September 30, and the quarterly values apply to the named quarter. The Q2 2026 subscriber-revenue figure was $1.51 billion, up 1% year over year, while Pandora’s Q2 2026 subscriber revenue was $130 million. The releases report those revenue figures for their respective services and periods. (Source: SiriusXM Q2 2026 earnings release.)