The Wall Street Journal is reporting that for the first time ever, the number of subscribers to Sirius XM is dropping. According to a May 8 article, “a record 1.7 million satellite-radio subscribers cancelled their service in the first quarter.”
This apparently more than offset the 1.3 million new customers that Sirius XM had added in that same period. The company is placing the blame on the bad economy and slumping car sales. Or maybe Sirius XM’s at-home subscribers finally figured out you can gets lots of great radio stations for free on the Interwebs?
Either way, it looks like the Sirius XM merger isn’t working out as planned. [Aversion]