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Sirius XM Now at 20.5+ Million Subscribers

Reports Q1 revenue of $724 million

Satellite radio is adding listeners, and revenue.

Sirius XM Radio said its revenue in the first quarter of the year was $724 million, up 9% over the first quarter 2010.

The satellite company’s adjusted EBITDA was $181 million, up 15% from $158 million in Q1 a year ago.

The company added a net total of 373,000 subscribers in the quarter, which means it now has 20.5 million paying customers.

President/CEO Mel Karmazin said consumers are buying cars again “and demand for our product is strong. Were it not for the OEM supply chain uncertainty resulting from the tragedy in Japan, we would be in a position to raise our subscriber guidance today.”

Its subscriber acquisition costs per addition were $57 for Q1, compared to $59 for the same period a year ago. Average monthly churn remained at 2%.