Karmazin Criticizes Personalized Radio On SiriusXM Conference Call
November 2, 2012

On yesterday's third quarter earnings conference call, SiriusXM's outgoing CEO Mel Karmazin took a shot at personalized Internet radio services such as Pandora. Billboard.biz notes that Karmazin did not mention Pandora, or any other service, by name, but said that such companies are in a "race to the bottom in terms of business model." He continued, "those companies which can grow users and provide good customer experience usually have the worst business models." Karmazin added that to fix their business models, such companies require "a whole lot more commercials, and that means harming the customer's experience."

However, SiriusXM is moving ahead with its own personalized online music service, which it hopes to launch by the end of 2012. Karmazin said the satcaster is launching the service, "not because we think it's good business," but because their customers wanted it, according to Billboard.biz.

As reported yesterday, SiriusXM's revenue was up in the third quarter of the year by 14 percent to $867 million from Q3 2011's revenue of $763 million. However, net income fell from $104 million to $75 million, including a loss on extinguishment of debt of $107 million in the third quarter of 2012.  Adjusted EBITDA for the third quarter of 2012 was $245 million, up 24 percent from $197 million a year ago.

Karmazin announced last month that he will step down as CEO of SiriusXM, effective February 1, 2013.




 
Breaking News
Entercom Sacramento Names Lance Richard VP/Market Manager
The Week In Review: 4/13-4/17
Albie Dee Named Program Director of WOCQ/Ocean City-Salisbury
FCC Chairman Tom Wheeler Announces Staff Changes
Warner Bros. Records Bolsters Brand Partnerships & Creative Synch Licensing Team
In Brief - April 17, 2015
April 16, 2015
Sean Shannon Named VP/Market Manager For Cumulus Atlanta
Sara Morris Joins iHeartMedia's Government Affairs Team
TuneCore Combines Forces With Believe Digital
Spotify Launches Playlist Targeting For Brands
AudioHQ & TuneIn Announce Exclusive In-Stream Audio Ad Sales Partnership
In Brief - April 16, 2015
April 15, 2015
UMG And Class Action Attorneys Propose Settlement Agreement On Digital Download Royalties
WMTX/Tampa Names Randi West Program Director
John Boyle Appointed PD At WSJZ/Melbourne
Marketron's Mediascape Platform Expands With Launch Of Mediascape Orders 360
In Brief - April 15, 2015
April 14, 2015
Rick Vaughn Joins Cumulus Salt Lake City As PD Of KBER & KHTB
Salem Communications Expands Partnership With Clip Interactive
CÜR Media Names JP Lespinasse Chief Marketing Officer
2015 NAB Crystal Radio Award Winners Announced
In Brief - April 14, 2015
April 13, 2015
CBS RADIO President/CEO Dan Mason Announces Retirement
The Week In Review: 4/6-4/10
Andre J. Fernandez Named President Of CBS RADIO
Def Jam Recordings Names Faisel Durrani EVP/GM
Music News
Thanks To Wiz Khalifa Hit, Furious 7 Soundtrack Hits #1
Quick Hits: Giorgio Moroder / Britney Spears, Green Day, Black Sabbath, Deftones & Incubus
Quick Hits: Black Sabbath & Bill Ward, Converse Rubber Tracks Live festival, Summer Set Music & Camping Festival, Sia, Josh Groban
Quick Hits: Iggy Azalea, Glastonbury, Florence + The Machine, Summerfest, Hinder
Drake Plans Summer Jungle Tour
Quick Hits: One Direction, Jack White, Billboard Music Awards, 10 Years, Loudwire Music Festival, Pete Townshend & Eddie Vedder, Percy Sledge
Mariah Carey's Epic Deal Is Official
Quick Hits: Shinedown, Mumford & Sons, Justin Timberlake, Sublime With Rome, David Letterman musical guests, Mayhem Festival
Mumford & Sons Explain Sonic Change
Quick Hits: The Grateful Dead, AC/DC, Blur
Miley Cyrus To Induct Joan Jett at Rock Hall
Quick Hits: Mumford & Sons, Black Sabbath, Tyler, the Creator
Wale's Seinfeld-Inspired Album About Nothing Debuts At #1
Quick Hits: Quebec City Summer Festival, Death Cab For Cutie, Mariah Carey, Vans Warped Tour
Taylor Swift Tops Billboard Music Award Finalists
FMQB NOW

Skywalker, APD
WSPK (K104)
Hudson Valley

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!