Great. So for our next fireside, we're joined by Jennifer Witz, CEO of SiriusXM. Jennifer, thanks for joining us. I've had the joy of covering SiriusXM for a number of years, and I think this, in my memory, is probably the most change that you've gone through in that period. You know, the transitions in technologies and what you're doing on the app. So maybe we can start off with your recent product launch announcement and how you anticipate the new SiriusXM streaming app starting to impact the business in the medium term.
Sure. Well, thank you for having me, and thank you for being a loyal subscriber. So yes, we had a big event a few weeks ago. If any of you didn't have a chance to tune in, please visit our website to check it out. We have some great videos from that. But we announced two major things, that we will be launching our new streaming experience on December fourteenth, which will come with a new set of apps and... Is this going in and out? No, you're good. Okay. New set of apps and, a web player starting in December, and then new platforms as we roll forward, into next year.
We also announced a new streaming-only price point, lower price point of $9.99 a month, which is lower than we're priced today, and I think very effectively priced against other music streaming companies. Because we believe that we are a complementary service, that's certainly what our research says and what our experience has been to date on our in-car business, that many consumers are using both SiriusXM and another music streaming service to provide their needs on the music collection side. We offer a much broader set of content overall, and we can talk more about that. But, so new streaming price point, new streaming platform that will power new apps, but also support the rest of the business as well.
So we have a number of in-car subscribers who are streaming today, as well as it'll support our 360L platform going forward. We shared some highlights as to what will come in the car over time throughout next year and beyond as we roll out 360L, including what will be better connectivity between the in-car experience and the streaming experience going forward. We also launched a number or talked about a number of new content launches that are coming, some of which have already been launched on the service, including the Kelly Clarkson channel and our John Mayer channel. We also have a new show with James Corden coming early next year, and a new true crime channel with Ashley Flowers from Crime Junkie.
We announced a number of new partnerships, including one with Audible that will launch next year, and our new brand positioning, which is a little bit of the old and the new. We're bringing back our old mascot-
Mm-hmm
... the dog, which we're calling Stella. But really, I think brings it all together because the brand positioning is about bringing consumers closer to the content they love, and that's what we're trying to solve for with this new experience. So we believe that there is demand that we can capture among younger, younger generations by solving for the pain points that we have with our service today, which has a lot to do with helping them find content they love. So when we talk to users that either don't convert or don't come into our streaming experience.
Mm-hmm
... it's generally because they can't find the content they love. But when we explain what we do have, they see we do have the content they love. It's just helping them navigate the experience, providing them with better discovery optionality, better, and easier discovery, and more control.
So maybe we can go a bit deeper on that point. I think discovery and engagement are terms that you've used a lot in relation to the streaming app. And then it seems like conversion is what you're trying to solve for. It seems like in the way we've looked at the business a couple of years ago, you maybe started to notice some dilution in conversion. It was kind of a post-pandemic. The world was more streaming-centric. You see some conversion rates softening, especially with some younger cohort car buyers. So how do you think now about, discovery and engagement? And maybe you can give us some examples in the new streaming launch as to how those can improve conversion.
And I think you're right, Steve. I think that on the conversion side, what we saw is that we needed more personalized features inside our in-car experience, and we've been trying to solve for that with 360L. We are seeing better conversion rates with our 360L platform. Because you can provide—we can provide the benefits of satellite delivery for very cost-effective, broad-based, and, you know, fewer interruptions across the country, but also complement that with IP delivery through the modem in the car, which provides much more enhanced recommendations.
Mm-hmm
... and, personalized content in the experience in the car. And so we've been, you know, building out that platform to be able to solve for some of those gaps in our service. And what we're doing now is making sure that we have the right technology in place to support better search and recommendations, both in the car and out. So we do believe that it will continue to improve conversion over time, and that's not only with improved product experience, but also better marketing. So we'll have enhanced martech, commerce, new identity, and data platform to support all that. Of course, it launches first with streaming, and we'll see that roll out with the new products, but also in new martech starting in the first quarter.
Which will allow us to have better personalization, again, in the product, but also in our marketing campaigns, and that will support the in-car business towards the middle of the year when we move the in-car business over to the new platform, which, you know, will be a pretty big effort in the middle of next year.
Mm-hmm.
So all of this is to say that it's going to build, and it's definitely a marathon and not a sprint, and we expect to show slow, steady progress across our metrics. We're very focused, as you highlighted-
Mm-hmm
... on engagement and retention, also conversion. But I think conversion in-car will come later. It's first about seeing engagement with the new streaming experience-
Mm-hmm
... both for in-car subscribers who are streaming and trialers, but also our streaming-only subscribers and trialers early on, too. Because we know that, clearly, if customers engage with our service, early in trial, they're much more likely to stay as paying customers,
Mm-hmm
... after the trial ends as well.
It sounded like you do intend to put some marketing resources behind the product launch early next year. Maybe you can expand on what that looks like. I think this was a pretty big investment year for SiriusXM, implied in the EBITDA guidance. You should be lapping a lot of that investment next year. Does sound like marketing is a bit higher, so maybe you can help us think about how those things come together a little bit.
Yes. Well, we're not ready to give specific guidance-
Mm-hmm
... but I can talk generally about-
Yeah
... trends. Yes, this year was a big investment year in terms of product and tech, and we would expect next year to be as well, just as we continue to support multiple platforms in market. And, you know, that won't really resolve until we move the in-car business over to the new platform and we move Pandora over to the new platform, which we're targeting later next year for that. So I think the sort of improvement in our, say, non-satellite CapEx expense and product and tech investments will really come as we move into 2025. On the marketing side, we would expect to support and plan to support the launch early next year with brand campaign, but also really full funnel marketing.
You know, the brand positioning that we talked about in terms of bringing people closer to the content they love will help provide kind of this overarching promise and will hope to drive improved brand impression and perception metrics. And then complementing that, we'll be spending on performance media, really much more targeted content marketing-
Mm-hmm
... to bring people into the streaming funnel and to provide more awareness about the content we have, which will support the in-car business as well. But I would expect that marketing to, you know, start to ramp up in the early part of next year. We continue to drive efficiencies in the business to help offset some of these investments, both within marketing and within product and tech, and also more broadly across the business. That, that helps, obviously, with the cost structure overall.
Mm-hmm. And I think you've guided to positive self-pay net adds for the second half of the year. I know this is always top of mind for investors, so maybe you can talk a little bit about just how the funnel has continued to trend. I think it was flat sequentially in the third quarter, and what you're expecting for the trial funnel heading into next year.
Yeah. So starting with self-pay net adds, we would expect sequentially from Q3 to Q4 to see improvements in both our streaming net adds and in-car net adds as well. And we have guided to positive net adds in the fourth quarter, which I feel very confident about, and then slightly positive net adds for the second half, which obviously means that Q4 needs to be high enough to offset the slight losses we saw in Q3. And right now, I'd say, you know, the biggest sort of near-term challenge in that-
Mm-hmm
... although I do still feel comfortable with positive second half net adds, is vehicle-related churn, and that's a function of how strong the funnel is as we go into, the last month of the year, on auto sales. And right now, auto sales have been, you know, pretty consistently in that sort of, mid- to low-15 million range or so, on the new car side.
Mm-hmm.
And, you know, I'm not seeing anything different at this stage, but we're watching, obviously, the vehicle-related churn really carefully as we navigate the rest of the year. I think the auto funnel is incredibly important to our business.
Mm-hmm
... and a strong auto funnel is good for us longer term.
Yep.
But it's also the streaming funnel that we'll continue to build and give us opportunities-
Mm-hmm
... to, bring streaming subscribers-
Mm-hmm
... into the service.
I mean, churn seems like it's been positively surprisingly low for, I'd say, the last two years or so. I know vehicle churn is part of that, so, you know, fewer gross adds, better churn, and there's a natural relationship between those two. But underlying that, we've seen a lot of businesses that just have lower churn these days. I don't know if it's an establishment of habits or, you know, everybody kind of went through their exploration phase. Do you think there is underlying lower churn for SiriusXM than there was before, in addition to just the benefit of less car-buying activity?
Yeah, I think we used to guide to, I think, 1.8%-2% on churn.
Yeah.
I don't see us going back to that level unless there's sort of a structural change in the business.
Mm-hmm.
But yeah, at 1.5%-1.6% last quarter, it's been phenomenally low, certainly with vehicle-related playing a part on, you know, kind of those, part in those fluctuations. I think we have-
Mm-hmm
... a really loyal subscriber base, there's no question. For most people, we're a daily habit, and so that really, really reinforces the value proposition. Over time, we've continued to deliver more content, we're delivering more features and functionality through 360L and through the streaming products that more and more of our in-car subscribers are using. So I think developing those habits outside of the car have helped support the value proposition, both in the car and overall, because it just-
Mm-hmm
... improves engagement across multiple devices.
Yeah. And if, you know, new car is going through, especially this period, where I think there were a lot of fleet sales this year and some impending pickup in consumer demand expected as supply chain improves, can you contrast maybe that to what you're seeing on the used car side? And do you think you can improve conversion on used car, especially as pen rates go up?
... Yeah, the used car market's always been more challenging because it's much more-
Mm-hmm
fragmented for us. And it tends to be a slightly different consumer that's buying a used car versus a new car. But our used car funnel is very productive in the sense that, you know, we don't have any stack there, so it's really just-
Yeah
Marketing. And we think that there are more opportunities, really, as opposed to necessarily improving the conversion rate, but helping to find more of the private sales that exist so that we can get more consumers who are buying a used car through one of those channels onto a trial. Because that's kind of the expectation when a consumer buys a new or a used car, is that-
Mm-hmm
You'll come in, at least if you buy through a dealer or another, you know, another sort of formalized channel, that you'll get a trial and that it just works, right? So we've done things like on the used car side, one of the best things that we've done to help improve conversion is making sure that the trial is active when you get into the car. And so we've developed programs with auction houses and other dealerships to make sure that that's true, and there's more work we can do there as well. But, but yeah, that's one of the biggest drivers of conversion is just: is it easy? You get to the car, and the service is working.
Mm-hmm.
and I get to try it out.
Maybe switching gears to just technology in the industry. So, there's been the industry move to the Android Automotive OS, and then I think what you commented on the last call was moving to a common 360L software integration platform. So maybe you, because this is something that often confuses us, you can help us just understand how these fit together and then what the roadmap looks like to build that more common technology platform.
Sure. So I think we're going to be supporting multiple implementations across the OEMs for many years-
Mm-hmm.
- as we have in the past. As you know, there seems to be a movement where the majority of the OEMs will adopt AAOS or Android Automotive Operating System over the next few years. Now, how fast that rolls out across how many models, you know, for those OEMs is sort of an open question. But it does help us, and obviously other services as well, develop one app or one experience for AAOS and release it across those OEMs. And for... You know, so we get the benefits that other services have-
Mm-hmm
by being on AAOS, by being in the App Store, by having being able to update the service regularly, without having to do special over-the-air updates. But we also have preferential treatment like we have today, in the sense that we'll exist separately on the screen, in a separate, you know, sort of radio section. And still, like we have today, consumers will be able to come into the experience very easily, click on SiriusXM, the trial just works. And you don't have to sign up for a Wi-Fi plan or pay for some data plan like you would have to if you were downloading an app from, you know, the, the Play Store.
Mm-hmm
... in AAOS. So, so we get many of the benefits, but we have just an enhanced experience overall. And it does allow us, again, to develop sort of one experience across-
Mm-hmm
the OEMs and update those regularly. But we expect to have, you know, multiple implementations across OEMs. What we're seeing today in 360L is very promising in terms of our ability, again, to provide more personalized-
Mm-hmm
... experiences in the product, and also just connect listeners easier to streaming outside of the car, by allowing them to come in and, you know, click on a button that lets you just download the app onto your phone or provide in-vehicle messaging as well.
Mm-hmm.
All those things will help improve our conversion rates over time.
Mm-hmm. And then on ARPU, so, you know, I, as I recall, I often thought of SiriusXM as kind of inflationary or inflationary plus ARPU algorithm. You talked about on streaming only, you're going down $1 from, I think, $10.99 to $9.99. There's been less subscription ARPU growth in satellite-based as well over the last 12 months or so. So can you talk about what you're cycling through, how you're thinking about ARPU, how you're thinking about pricing power, et cetera?
Yeah, there's a lot of pieces to ARPU.
Yeah, yeah.
So we have. We were at about $15.70 in ARPU in the third quarter. So some of the highest levels we've seen on the self-pay side, subscription ARPU was higher than that and really supported by the rate increase that we-
Mm-hmm
... launched in March of this year across many of our full price packages. But also on the self-pay side, offset in part by, you know, just general promotional plans we have, in self-pay to support acquisition and retention, and also, like you mentioned-
Mm-hmm
... the lower streaming price point we have, which is currently $10.99. So at generally a lower price point than what we have on the in-car side, which tends to be at $18.99 for the full service, but then we have price points slightly higher and lower than that as well. So that's just on self-pay. And then outside of self-pay, you know, there are other factors in ARPU, such as our OEM trial revenue which has been declining in recent years as we just generally restructure the economics of our OEM agreements which are positive overall. But we tend to have less paid trial OEM revenue, which impacts ARPU. And then we've had softness on the SiriusXM broadcast advertising side, which is also a part of ARPU. So that's all to say that ARPU is an output, really-
Yeah
... and not something we're managing, specifically, but there are a number of opportunities going forward. As, you know, as we said, we did a rate increase earlier this year. We've been on this cycle of rate increases kind of every other year on the full price packages.
Mm-hmm.
There are also opportunities for us to increase rates on our promotional packages going forward. We do believe that that should come with enhanced value, and so whether it's bringing more content to our service or making it easier to find the content we have through improved features and functionality in the product, that's gonna be key to setting us up for future rate increases. But again, we talked a bit about the turn on our core segments in our subscriber base, and we believe that we have room to continue to increase prices in the future on those core subscribers. But we also have room to open up new demand-
Mm-hmm.
At lower price points, both in the car and with streaming at $9.99. We are testing lower price points for different types of packages in-car. So really, the focus is on driving overall revenue growth, right? And that's gonna be a balance always of rate and volume. We've had a very good history of managing this.
Mm-hmm.
I think going forward, there is more demand at lower price points, and we're gonna look to make sure that we manage how we generate that demand relative to where the current base is and our ability to drive price expansion there over time.
Could you maybe tie that lower price point opportunity into some of the cohorts that you see where you might be under-penetrated? Is that younger car buyers? Is that used car buyers on less expensive-- I guess people still think about the traditional SiriusXM subscriber as probably older and more affluent. I think where you're trying to drive a lot of the growth or retention is X that.
Yeah.
So, yeah.
Yeah, we've identified really two sets of segments.
Mm-hmm.
We've got. There's kind of two segments within them, but we have core segments that represent about a quarter of the U.S. adult population, and then so something like 50-55 million, and then we have growth segments that represent another quarter of the U.S. adult population. We are highly penetrated in our core segments at about 60%, but we're much lower penetrated today in terms of our subscriber base in the growth segments, which is about 10% today. We think there's a lot more room to grow in those segments. They tend to be younger, that many of them do own cars and are looking for an experience that's very well integrated into the car, but it's not necessary.
So we believe that there's growth opportunity with streaming only among some of those segments, and they tend to be younger, more diverse. They're interested in SiriusXM as a complementary audio service to the music streaming service that they have today. And they're willing to pay for more than one audio service, especially if it's differentiated enough and provides them with some unique experience outside of what they're getting with their music collection or their-
Mm-hmm
... their podcast service today. And that's really what we're all about, which is a truly differentiated audio service that offers a much more human-curated approach to audio. So whether it's our music channels that have hosts or artists as hosts, that provide you with a very curated playlist of songs, or it's the breadth of the content we have across-
Mm-hmm
... you know, sports, entertainment, comedy, politics. We really have a much broader set of content that really leans heavily on human curation and live, which really differentiates us from a lot of the other streaming services.
Mm-hmm. Maybe then changing a bit to Pandora. So, RPM there has been very solid, I think, you have a political tailwind in 2024, but it doesn't seem like we've gotten yet to the complete dissolution of hours decline and user decline. So how do you think about managing that business for, I guess, gross profit growth, for integrating it into some of the other digital properties that you have, whether it's SiriusXM or SoundCloud or, or Stitcher?
Yeah. So I'll speak first to the advertising business-
Mm-hmm
... overall, and that obviously comprises Pandora as one of our key assets, but also SiriusXM broadcast and digital, and our off-platform advertising business, which is podcasting and a number of other third parties that represent, for ad sales, including SoundCloud. Podcasting has been a real bright spot. We saw an increase in podcast revenue of 28% in the third quarter. That's also been bolstered by programmatic, both in podcasting and in music streaming, where we've seen growth of nearly 100%. And a lot of that, I think, is just how advertisers are trying to deploy their budgets because money sort of frees up at the last minute, and they're looking for self-serve and programmatic solutions. So we really do-- We have a strong presence-
Mm-hmm
... in podcasts. We have a great set of assets there, great relationships with the creators. And we have great representation among the bigger networks and with podcasts-
Mm-hmm
... among the top 50, which just positions us really well as that, as that-
Mm-hmm
... part of audio advertising continues to grow. We can bring solutions with our ad tech offering through AdsWizz, that really solve the pain points that advertisers have had in podcasting.
Mm-hmm.
So whether that's better targeting across all these third-party platforms, where you don't necessarily have first-party data, or brand safety and suitability, solutions, or even just, you know, better audience buying across our podcast inventory-
Mm-hmm
... and the rest of the inventory we have on streaming and otherwise, and clearly, self-service solutions and programmatic. So we believe that there's tailwinds, certainly in podcasting and programmatic in our advertising business. We also believe that going forward... So we talked a little bit about Pandora. The user declines have stemmed a bit.
Mm-hmm.
We're down to, I think-
Yeah
... we're down 5% in the third quarter, and hours were down slightly less than that. And, you know, we're hopeful that we can stay kind of in that range while we continue to build out the SiriusXM platform. And then later next year, possibly, you know, in the fourth quarter, we'll look to port over Pandora-
Mm-hmm
... to the new platform. Then just in terms of general cost efficiencies, that will be an improvement.
Mm-hmm.
But also, we believe we can launch a number of new features that will help sustain that audience and perhaps grow it in the future. But then, as you mentioned-
Mm-hmm
... that gives us some optionality about how we might think about the SiriusXM product and the Pandora product as working together more closely and perhaps create a more robust free tier. But we're really at the early stages of looking at that, and, you know, a core sort of dependency is making sure they're on the same platform to start.
Yeah. I remember when you bought Pandora, I guess it was six or seven years ago now, and I think at that time-
2019. Early 2019, yeah.
... I'm not good at math.
Something like that. Yeah.
No. At that time, I think a lot of the consumer expectation or the investor expectation was that it would probably quickly dovetail into an integrated consumer product, and that hasn't really been the approach. It sounds like much more of the integration is on back end, where you can offer a more integrated suite to advertisers. And then I think what you're saying is it's gonna be probably quite some time before we would see an integrated consumer product. You have a lot of other initiatives that maybe take priority. Is that-
Both brands have really strong,
Mm-hmm
... brand equity and-
Mm-hmm
... you know, consumer affinity, and so we have to define what that new experience would look like. And there's a lot of great features and functionality in Pandora that could be value-enhancing for SiriusXM subscribers, and I think there's a lot of value in SiriusXM content that could be value-enhancing for the free tier-
Mm-hmm
... of Pandora if we were to bring them together. So that had always been kind of the you know sort of strategy or ultimate goal, and I think we just need to make sure that we've fully built out the platform first before we contemplate how that might make sense.
Mm-hmm. On the cost side of things, I think you did $40 million in EBITDA synergies in the third quarter, which run rates to a pretty big number, relative to the size of the company. So can you talk about the efficiency actions that you're taking?
Yeah, and I think that's the right way to look at it, is that, you know, we talked about $40 million in the quarter as being net. There's growth savings that are clearly in excess of that, and we've been able to use the disciplined approach to spending to reinvest in other parts of the business-
Mm-hmm
... primarily in product and tech, and as we talked about some, some marketing next year. And I think it just gives us the flexibility to make sure that we're supporting strong EBITDA and margins going forward. I mean, we, you know, would expect as some of the dynamics-
Mm-hmm
... in advertising start to emerge. Hopefully, there's some tailwinds next year, but there's-
Mm-hmm
... also kind of, I think, the question about when is there a broad-based recovery in advertising? And we are looking to build future subscriber growth, but that's going to take time to materialize. So I think the key is really making sure that we're well-positioned financially overall-
Mm-hmm
... to continue to drive efficiencies across the cost structure. We've really worked to look at every part, every line item in the cost structure, and, you know, we did a reorganization earlier this year. I think there's more opportunities, but of course, the deeper you go, the harder it gets, and we're gonna need more technology to support that. So like we talked about, if we move the in-car business in Pandora over to the new platform, there'll be legacy technology spending that goes down after that. We continue to look at marketing to deprioritize sort of less efficient channels.
Mm-hmm.
As we step up our investments in, you know, the Salesforce tools and AI, I think we'll be able to make improvements on both the customer experience and on-
Mm-hmm
... more efficient marketing channels, and that applies in customer service as well. We've got some interesting work going on now, and hopefully, we'll be in pilot soon on some improved customer service because we take still 2 million calls a month or so.
Hmm.
And I think there's a-
Wow
... better opportunity to provide a better customer experience, but also save money there as well. So there's more opportunities to continue to look at the cost structure going forward to support the business.
And then, you know, as we started this year, there was a number of headwinds that you came into this year, satellite CapEx, weaker net add environment, a lot of the investments that we talked about. Next year, it sounds at least like the net add story is a little bit improved. You're probably through the hardest part of the investment period on the app. So I know, it's too early to get 2024 guidance of any sort, but as you just generally think about the picture for next year, do you think it's a better year than some of the challenges you faced this year? But there are a lot of puts and takes that you've talked about, or is it, you know, a little more-
Yeah, some of the challenges will continue.
Yeah.
I mean, we had a step up in royalty expenses this year. That levels out, obviously-
Mm-hmm
... so we won't see the same step-
Yep
... the same step up. We had a step up in satellite CapEx and non-satellite CapEx. Some of that will persist next year. As we've said, satellite CapEx will start to decline in 2025, as will non-satellite CapEx. But we still have investments to make in this platform as we migrate over the in-car business next year. We're still supporting multiple platforms until we get through that. And then dynamics also, I think, on other parts, you mentioned, net adds. I would expect to see improving net adds year-over-year, but it's really, again, it's a marathon, not a sprint.
Mm-hmm.
We're looking for steady progress, to set ourselves up for future subscriber growth, and, you know, hopefully, we start to see, some of that, emerge next year. Advertising environment is a little uncertain right now, but, you know, I feel similar to how I did, I guess, this time last year, with hopefully we're gonna see a broader-based, recovery as we go through next year. You mentioned political tailwinds. And then I just think overall, we are going to have a very positive trend in free cash flow. As we look at improvements in CapEx, as we look at, you know, growing our, our subscribers and subscriber revenue to follow, in future years, and also just general tailwinds on, better cash taxes and improved working capital-
Mm-hmm
... I think will result in meaningful improvements in free cash flow as we look out, over the next five years or so.
I know you can't say much about the proposal from, from Liberty. Maybe to come at that from another angle: how do you think about the leverage that you'd like to target for SiriusXM? And if there is, then obviously a conclusion to that, which includes a little more debt, how are you prioritizing capital allocation?
Nothing's changed about our target leverage ratio.
Mm-hmm.
So we're still in the low- to mid-3x range, and, you know, we have a lot of liquidity right now. We're out of the market in terms of share repurchases, for regulatory reasons, and so we're building some cash. Fourth quarter is gonna be a large free cash flow generation quarter for us, just for seasonality reasons. And so, we'll have cash on hand, we'll have liquidity in our, in our revolver, and so we're really well-positioned. Fixed-rate balance sheet, no near-term bond maturities until 2026. So to the extent something happens with Liberty and we take on additional debt, then our priority, at least from a, from capital returns process, we would expect to still keep the dividend in place.
We've got a long history, at least over the last several years, of continuing to increase the dividend by double digits.
Mm-hmm.
I think then we would relook at share repurchases as solely being sort of opportunistic, depending on market conditions, but really prioritize-
Mm-hmm
... debt repayment back to our, you know, sort of low- to mid-3 times. The great news is, I think we have a really strong free cash flow profile, as we talked about, and we have the-
Mm-hmm
... capital we need to continue to invest in the business, as we focus on repaying debt-
Mm-hmm
... if that ends up being a necessary...
Mm-hmm
... action.
Yep. And lastly, any significant content that you're excited about that we should be watching for on SiriusXM?
I'm really excited about the John Mayer channel, which just launched.
Mm
... last week, and he is, approaching this with an incredible amount of enthusiasm. He's been in our L.A. studio, and he's really just... It's, like, the life of John Mayer. So what kind of music he would want to listen to at different points in the day, at different times of the week, and, he's been really creative. He's taking calls from callers, and I think it's just evidence of what we do really well and how we're differentiated-
Mm-hmm
... is that we give artists this incredible platform to speak to their audiences, right?
Mm-hmm.
And as you see, fans are just really looking for opportunities to get closer to-
Mm-hmm
... artists, and it's really hard. I mean, you see Taylor Swift out there, you know, trying to get in front of as many people as possible. Sirius is just another way for talent to be able to do that. I mean-
Mm-hmm
... Drake will go live on his channel. Bruce Springsteen will go live. Howard will go live.
Yeah.
We launched a channel with Kelly Clarkson, and she's taking an incredible approach, too, about the broad-based content and music that has always been inspiring to her, and it's really cross-genre. Carrie Underwood, you know-
Mm
... did a special guest appearance on... Of course, she's a country artist, but she did a special guest appearance on our heavy metal channel, Octane-
Mm
... because she loves heavy metal. So you know, and our service obviously is more than just music. We have the opportunity for many other, you know, celebrities and talent to create something really special. So James Corden is launching a show in early 2024, and, you know, Ashley Flowers is gonna launch a true crime channel. There really hasn't been a true crime channel. So she's gonna rethink how true crime might make sense in terms of a storytelling opportunity in a more linear channel fashion beyond just putting podcasts on the radio.
Mm-hmm.
It really is, I think, a great time to be a subscriber, and we hope to have a lot more content coming...
Mm
... in the future. But right now, it's about making sure that this new audience, many younger generations, but just giving the new audience an easier way to access and experience the great content that we already have.
Great. Thank you for the time.
All right. Thank you, Steven.