Will Sirius XM Radio Inc (NASDAQ:SIRI) Succeed With Apple Inc.(NASDAQ:AAPL) Radio?
Sirius XM Radio Inc (NASDAQ:SIRI) is undoubtedly the frontrunner in the United States radio broadcasting space. It also offers services in Canada and has been on a growth –path for the past few years. The company has added numerous new shows and services to cater to a range of segments. This is the one way of keeping the subscriptions on an upward trend. The company also pans the market for lucrative deals, mergers and acquisitions to help in diversification and growth.
It was just last month that Sirius XM Radio Inc (NASDAQ:SIRI) bought Agero, Inc.’s vehicle-business. With this move it will expand its reach into the provisioning of tele-matics related services. The company’s Chief Executive Officer, Jim Meyer says that in the current market scenario, the scope for global growth is immense. Sirius will be using a new set of internet-based services and products to target global markets. This will surely go a long way in increasing the company’s revenue.
The company’s first global market target is Mexico. It is also planning on providing its services to the automobile industry though it is focusing on radio and music shows at the moment. The company is trying to launch new service on its current satellite platform and wants to reach out to a wider audience.
In Friday’s trading session, Sirius XM Radio Inc (NASDAQ:SIRI) stock dipped by 0.25%. The opening price of the shares was $3.91 which rose to an intraday high of $3.92 which was also the closing price of the shares for the day. Approximately 21.67 million shares were traded on Friday and the average volume of shares traded over a 30 day period was $35.22 million. The 52-week low of the shares was $2.54 and the 52-week high was $3.99. The company has a market cap of $24.34 billion.