SiriusXM hopes a new Howard Stern deal can turn its fortunes around

In the third quarter of 2025, SiriusXM had 33 million subscribers nationwide, the company said in its earnings report. But this is “some 100,000 fewer than the year before,” according to The Associated Press. SiriusXM’s self-pay net subscribers — those who pay directly for the satellite subscription — also fell by 40,000 in the third quarter.

These figures show that it has been a challenging year for SiriusXM, which started 2025 by losing 303,000 self-pay subscribers in the first quarter. But not all was gloom for SiriusXM, as it also “reported third-quarter revenue of $2.16 billion, above analyst expectations but down 1% from the prior-year period,” said The Hollywood Reporter. This period additionally saw SiriusXM take in a “net income of $297 million, after reporting a net loss of $2.96 billion a year ago.”

How could Stern’s new contract help?

Stern announced that he re-upped his contract for three years, keeping him on the SiriusXM airwaves through 2028. “I’m happy to announce that I’ve figured out a way to have it all: more free time and continuing to be on the radio,” Stern said in a statement. Stern had previously pranked listeners by announcing his retirement, causing some to wonder if the 71-year-old would finally leave the airwaves.

Stern will be “continuing his radio reign despite commanding an audience that is far smaller than what he drew during his heyday,” said MarketWatch. Since Stern’s last contract, SiriusXM, and satellite radio in general, have seen a “slow but steady erosion of its subscriber base as listeners have switched to streaming-music platforms” like Spotify.

And while Stern’s listenership has been decreasing along with SiriusXM as a whole, he still commands a large chunk of the company’s platform: Stern’s show currently has a “mid-single-digit percentage of what he drew at his peak, which would put it somewhere around 1 million listeners per broadcast,” said MarketWatch, making him a valuable commodity. A 2020 report from Credit Suisse estimated that 15% of SiriusXM listeners would cancel their subscription if Stern ended his show, which at the time represented a “potential subscriber loss of 2.7 million.”

This all comes as competition for SiriusXM increases. Many audio companies have begun a television ad push as the businesses “seek new audiences and ad dollars and more creators embrace video,” said Axios. Two of the biggest players in the industry, Spotify and iHeartMedia, recently “signed deals to distribute some of their podcasts on Netflix.” But SiriusXM also still has other big properties under contract, including Alex Cooper of the Call Her Daddy podcast and the SmartLess podcast hosted by Will Arnett, Jason Bateman and Sean Hayes.