SiriusXM CEO Mel Karmazin is bullish about the satcaster’s subscriber growth and revenue.
The company today reported first quarter 2012 revenue of $805 million, up 11% over the same period a year ago.
Net income for the first quarters of 2012 and 2011 were $108 million and $78 million, respectively.
Self-pay net subscriber additions improved by 148% to 299,348 and the subscriber base rose to 22.3 million subscribers. The company said that figure is an all-time high.
SiriusXM executives were especially pleased about the improving subscriber base since it implemented a price increase in January.
The reaction to the price increase has “clearly exceeded expectations,” Karmazin told analysts. He said the company is gaining subscribers despite increased competition in the audio entertainment space from AM/FM and Internet audio options.
Executives cited improved auto sales and the general improvement in the economy for the increase and Karmazin predicted SiriusXM will have 23.4 million subscribers by year-end.
Asked about the Liberty Media petition filed at the FCC asking for the agency to have the 40% shareholder declared as having “defacto control��� of SiriusXM, Karmazin directed questions to Liberty. “Liberty has not indicated to the FCC what they want to do” with SiriusXM, he said, adding, “As we said in our filings, 40 is not the new 50. We believe the FCC will rule they’re not in control, but we’re waiting to hear from them.”
The company did not discuss its recent lawsuit against SoundExchange.
