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
jācapps Cracks The Connected Car Code For Radio
ABC Radio, SLS Las Vegas & Skyview Networks Announce Strategic Sales & Radio Programming Relationship
WLTW/New York Celebrates Broadway This Summer At 106.7 LITE FM’s Broadway in Bryant Park 2016
CBS Radio Grabs Its Share of Gracie Awards
WXPN/Philadelphia Reaches A Milestone 30,000 Members
June 27, 2016
iHeartMedia-Columbia Names Jonathan Reed Program Director At WNOK
Hilary Returns to 91X/San Diego
Greater Media Restructuring Leads to Layoffs
June 24, 2016
European Music Industry Reacts to "Brexit"
iHeartMedia-Nashville Names Morgan Huelsman Digital PD
In Brief - June 24, 2016
June 23, 2016
Republic Records Names Dan Cohen As VP/Marketing
WMMR/Philadelphia's 11th Annual I Bleed For Preston & Steve Blood Drive Hailed A Big Success
CBS Radio's Lisa Dent, Tim Roberts & Mick Anselmo Honored By Country Radio Hall Of Fame
June 22, 2016
Cumulus Media Appoints John Abbot as Chief Financial Officer
iHeartMedia Cannes Event With Ryan Seacrest And Usher
Berlin School & iHeartMedia Announce Return Of 'Leadership in Audio Innovation' Scholarship Competition
iHeartMedia/St. Louis Announces Launch Of Pride Radio St. Louis
June 21, 2016
Community Broadcasters Purchase Florida Stations From Apex Broadcasting
jācapps to Host Webinar on Understanding the Connected Car
NAB Introduces Inaugural PILOT Innovation Challenge
Report: Syndicated Radio Morning Host Kane Arrested For Allegedly Assaulting Wife
In Brief - June 21, 2016
June 20, 2016
Public Voting for National Radio Hall of Famers Starts Today
Music News
Jennifer Hudson Signs With Epic Records
Quick Hits: Pink Floyd, Riot Fest
BET Awards Honor Prince, Get Political
Drake Still at #1, Chili Peppers Debut at #2
Kelly Clarkson Signs Worldwide Deal With Atlantic Records
Quick Hits: Bernie Worrell, Rihanna, Aerosmith, Kennedy Center Honors, Ralph Stanley
Led Zeppelin Wins Copyright Trial
Quick Hits: Kanye West, The BET Awards
Kanye West, The Weeknd + more to play The Meadows Music and Arts Festival
Quick Hits: Music Midtown festival, Drake, Chance the Rapper. Outta This World concert, Maynard James Keenan
Nick Jonas Debuts at #2, Drake Still Tops Billboard 200
Quick Hits: Made In America festival, Drake, Rita Ora, P.M. Dawn, Grouplove, The Beatles
Quick Hits: Guns N' Roses, Christina Aguilera, Meat Loaf, Suicide Squad soundtrack
The Recording Academy Announces Amendments and Dates For Grammy Voting
Quick Hits: Phantogram and Tupac Shakur
FMQB NOW

Brad Savage, PD
WAPS/Akron

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!