NEW YORK, Sept. 14, 2020 /PRNewswire/ -- SiriusXM announced
today an extension of its long-term agreement with General Motors
(GM) that will continue the relationship between the two companies
into 2027. As part of the new agreement, GM will increase
vehicles equipped with SiriusXM to nearly all Chevrolet, Buick, GMC
and Cadillac vehicles beginning with model year 2021.
"General Motors was the first automaker to begin
factory-installing SiriusXM on select Cadillac models in 2002, and
we are very proud to be extending and expanding that longstanding
relationship into 2027," said Steve
Cook, EVP, Sales and Automotive, for SiriusXM. "GM,
forever a leader in delivering innovative technology to their
customers, has produced tens of millions of vehicles with SiriusXM
installed over the course of nearly 20 years and will deliver
SiriusXM to more of their customers than ever as part of this new
agreement."
"Our long-standing relationship with SiriusXM reinforces GM's
commitment to provide our customers with the features and services
they love," said Santiago Chamorro,
Vice President for Global Connected Services, GM. "No matter
where they're going, or how long a trip will be, SiriusXM has a
channel or content option for everyone, making the ride that much
more enjoyable."
Chevrolet, Buick, GMC and Cadillac customers purchasing or
leasing SiriusXM equipped vehicles will continue to receive a
three-month trial subscription to SiriusXM All Access, SiriusXM's
most robust programming package. SiriusXM All Access delivers
SiriusXM's full lineup of varied content, plus access to SiriusXM
outside their vehicles on the SiriusXM app and on connected devices
and speakers in their homes. Customers who purchase or lease
pre-owned Chevrolet, Buick, GMC and Cadillac vehicles will also
continue to receive a three-month trial subscription to SiriusXM
All Access.
Additionally, GM will continue to roll out its integration of
SiriusXM with 360L to nearly 1 million Chevrolet, Buick, GMC and
Cadillac vehicles. The number of GM vehicles equipped with
SiriusXM with 360L will continue to increase in the years ahead.
SiriusXM with 360L combines satellite and streaming content
delivery into a single in-vehicle entertainment experience,
upgrading the way the subscriber interacts with the service by
providing more choice, a more personalized user experience, and
access to thousands of hours of on demand content in the vehicle.
For more information click here.
About GM
General Motors (NYSE:GM) is a global company
committed to delivering safer, better and more sustainable ways for
people to get around. General Motors, its subsidiaries and its
joint venture entities sell vehicles under
the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands.
More information on the company and its subsidiaries,
including OnStar, a global leader in vehicle safety and
security services, can be found at http://www.gm.com
About SiriusXM
Sirius XM Holdings Inc. (NASDAQ: SIRI) is the leading audio
entertainment company in the U.S., and the premier programmer and
platform for subscription and digital advertising-supported audio
products. Pandora, a subsidiary of SiriusXM, is the largest
ad-supported audio entertainment streaming service in the U.S.
SiriusXM and Pandora together reach more than 100 million people
each month with their audio products. SiriusXM, through Sirius XM
Canada Holdings, Inc., also offers satellite radio and audio
entertainment in Canada. In
addition to its audio entertainment businesses, SiriusXM offers
connected vehicle services to automakers. For more about SiriusXM,
please go to: www.siriusxm.com.
This communication contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements include, but are not limited to,
statements about future financial and operating results, our plans,
objectives, expectations and intentions with respect to future
operations, products and services; and other statements identified
by words such as "will likely result," "are expected to," "will
continue," "is anticipated," "estimated," "believe," "intend,"
"plan," "projection," "outlook" or words of similar meaning. Such
forward-looking statements are based upon the current beliefs and
expectations of our management and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies, many of which are difficult to predict and generally
beyond our control. Actual results and the timing of events may
differ materially from the results anticipated in these
forward-looking statements.
The following factors, among others, could cause actual
results and the timing of events to differ materially from the
anticipated results or other expectations expressed in the
forward-looking statements: the current coronavirus
(COVID-19) pandemic is adversely impacting our
business; our substantial competition that is likely to
increase over time; our efforts to attract and retain subscribers
and listeners, or convert listeners into subscribers, which may not
be successful, and may adversely affect our business; our Pandora
ad-supported business has suffered a loss of monthly active users,
which may adversely affect our Pandora business; privacy and data
security laws and regulations may hinder our ability to market our
services, sell advertising and impose legal liabilities; we engage
in extensive marketing efforts and the continued effectiveness of
those efforts are an important part of our business; consumer
protection laws and our failure to comply with them could damage
our business; a substantial number of our Sirius XM subscribers
periodically cancel their subscriptions and we cannot predict how
successful we will be at retaining customers; our ability to
profitably attract and retain subscribers to our Sirius XM service
as our marketing efforts reach more price-sensitive consumers is
uncertain; our failure to convince advertisers of the benefits of
our Pandora ad-supported service could harm our business; if we are
unable to maintain revenue growth from our advertising products,
particularly in mobile advertising, our results of operations will
be adversely affected; if we fail to accurately predict and play
music, comedy or other content that our Pandora listeners enjoy, we
may fail to retain existing and attract new listeners; if we fail
to protect the security of personal information about our
customers, we could be subject to costly government enforcement
actions and private litigation and our reputation could suffer;
interruption or failure of our information technology and
communications systems could impair the delivery of our service and
harm our business; we rely on third parties for the operation of
our business, and the failure of third parties to perform could
adversely affect our business; our business depends in part upon
the auto industry; our Pandora business depends in part upon
consumer electronics manufacturers; the market for music rights is
changing and is subject to significant uncertainties; our ability
to offer interactive features in our Pandora services depends upon
maintaining licenses with copyright owners; the rates we must pay
for "mechanical rights" to use musical works on our Pandora service
have increased substantially and these new rates may adversely
affect our business; failure of our satellites would significantly
damage our business; our Sirius XM service may experience harmful
interference from wireless operations; failure to comply with FCC
requirements could damage our business; economic conditions,
including advertising budgets and discretionary spending, may
adversely affect our business and operating results; if we are
unable to attract and retain qualified personnel, our business
could be harmed; we may not realize the benefits of acquisitions or
other strategic investments and initiatives, including the
acquisition of Pandora; our use of pre-1972 sound recordings on our
Pandora service could result in additional costs; we may from time
to time modify our business plan, and these changes could adversely
affect us and our financial condition; we have a significant amount
of indebtedness, and our debt contains certain covenants that
restrict our operations; our facilities could be damaged by natural
catastrophes or terrorist activities; the unfavorable outcome of
pending or future litigation could have an adverse impact on our
operations and financial condition; failure to protect our
intellectual property or actions by third parties to enforce their
intellectual property rights could substantially harm our business
and operating results; some of our services and technologies may
use "open source" software, which may restrict how we use or
distribute our services or require that we release the source code
subject to those licenses; rapid technological and industry changes
and new entrants could adversely impact our services; existing or
future laws and regulations could harm our business; we may be
exposed to liabilities that other entertainment service providers
would not customarily be subject to; our business and prospects
depend on the strength of our brands; we are a "controlled company"
within the meaning of the NASDAQ listing rules and, as a result,
qualify for, and rely on, exemptions from certain corporate
governance requirements; while we currently pay a quarterly cash
dividend to holders of our common stock, we may change our dividend
policy at any time; and our principal stockholder has significant
influence, including over actions requiring stockholder approval,
and its interests may differ from the interests of other holders of
our common stock. Additional factors that could cause our results
to differ materially from those described in the forward-looking
statements can be found in our Annual Report on Form 10-K for the
year ended December 31, 2019 and Quarterly Report on Form 10-Q for
the quarter ended June 30, 2020, which are filed with the
Securities and Exchange Commission (the "SEC") and available at the
SEC's Internet site (http://www.sec.gov). The
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any forward
looking statements as a result of developments occurring after the
date of this communication.
Source: SiriusXM
Media contacts:
Andrew
FitzPatrick, Andrew.FitzPatrick@SiriusXM.com
Kevin Bruns,
Kevin.Bruns@SiriusXM.com
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SOURCE Sirius XM Holdings Inc.