Sirius XM Q3 Earnings Preview: Unknowns Abound 36 comments
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by David “Newman” Phillips
Sirius XM (SIRI) is set to report its Q3 numbers on Thursday November 5th. Of course, Satwaves will once again be providing live blogging coverage of the event using the CoverItLive Platform. I felt it would be prudent to let our readers know exactly what I am expecting. Brandon has already given his numbers, so now it is my turn…
Subscribers
As far as subscribers go, I think Q2 was the last quarter for subscriber losses. Regardless of what was portrayed by the main stream media, the losses were never as bad as The Motley Fool and TheStreet.com (TSCM) made them out to be. You see, for the past 2 quarters, nearly all of the losses came from the number of trial subscriptions, as opposed to self pay subscriptions. Self pay remained relatively flat, while the company reported a significant decrease in the number of trial subs – people that may not have even known about satellite radio or even known that it was installed in their new car. Of course, the Fool and the Street will never give you those details. I wonder if the media will differentiate this quarter? Why? Because I think self pay subs are going to remain flat, but overall subs will be up significantly.
The trick to the trial subscriptions is this: Many of the OEM manufacturers such as Ford (F) and Chrysler pay for the radios up front. As soon as that radio is paid for, it is counted for a subscriber. The problem with this is that the radio may be sitting on a shelf at an automotive plant, sitting in a new car on a parking lot somewhere (hence the term Parking Lot sub), or activated as a trial subscription. GM, Chrysler, and Ford all had factory shut-downs in Q2, and then inventory shortages at the beginning of Q3. In my opinion, the inventory at the end of Q2 was minimal. Today, most lots are full. This means that you are going to see a significant increase in parking lot subs and trial subs thanks to Cash for Clunkers. We also must not underestimate the power of the Certified Pre-Owned programs that Sirius XM has been signing on all year. My projection on overall subscriber number: 18,510,000, an increase of approximately 95k subscribers.
Key Metrics
With huge ramp ups and inventory building done in Q3, Sirius XM will have a significant increase in costs. Granted, as soon as the car is sold, Sirius XM receives payment for the full trial period, but that amount is amortized over the life of the trial period. Also, one must take into account the costs associated with developing and bringing new retail options (such as the XM SkyDock) to the market and advertising like they did with the Apple (AAPL) iPhone application. Costs will be up significantly, while revenue remains relatively flat.
Churn
Mel already tipped his hand at the Liberty Media (LCAPA) conference call regarding this. He said that it inched up slightly. Last quarter, the self-pay churn was reported at 2.0%. This quarter will come in at 2.1%.
EBITDA
Here is the disappointing number for many. Q1 EBITDA was reported as 108.8 million. Q2 EBITDA was 132 million for a total of $240 million. Their projected EBITDA for the year is $400 million, which means they only need to make $160 million for the year to meet their current guidance. I foresee Q3 EBITDA being nothing, plus or minus about 25 million (sorry, no EBITDA song this quarter). I do not expect to see management upgrade their forecast of “over 400 million” at this conference call, but I do foresee them making (and beating) their own guidance for year end with a strong Q4.
SAC
Will increase significantly due to advertising and increase costs with radios. It will approach the $64 area. (Q2 SAC was $57)
ARPU
Will decrease significantly because all of the parking lot subs that are added are not producing income and trials which produce it slowly. It will approach the $10.55 area. (Q2 ARPU was $10.66)
One Time Charges
Back in August, Sirius XM was able to successfully refinance the Liberty Media financing of 250 million dollars, and reduce their interest rate from 15% to 9.75%, and extend the maturity out quite a bit. Sirius XM recorded a discount amount associated with the loan of $123 million. This discount represents interests and costs associated with the loans that was paid for up front. The funny thing about accounting is that the discount means that they were not carrying the full loan amount on the books as debt. When Sirius XM paid off the debt, it left an imbalance that has to be written off as a one time expense related to the retirement of debt. This $123 million will be discounted slightly, but the company will still have to write off approximately $100 million in one time expenses, or approximately 2.5 cents per share. While many will harp on this, it was done with the sole intent of improving the cash flow and decreasing the quarterly interest payments which is a win/win for Sirius XM and its shareholders. Take note that this is merely an accounting procedure and absolutely does not affect the cash on hand. It should be looked at as a good thing.
Earnings Per Share
There are so many unknowns this quarter that it makes any sort of estimates difficult. The toughest of all is an earnings estimate. Traditionally, Q3 has come in somewhere between Q1 and Q2 numbers. Q1 earnings per share was (0.07) and Q2 earnings per share was (0.01) excluding onetime charges of which they had (0.03) in one time charges. I actually see significant improvement in EPS, but not quite to the profitable mark just yet. I see earnings coming in at exactly the same as last quarter of (0.01), and a one-time charge of (0.03), bringing the total EPS to (0.04).
Disclosure: LONG SIRI, no position in any other equity mentioned.
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This article has 36 comments:
As a frame of reference for trading levels along the way, it is important to review where SIRI was at various times through the merger process - when fundamantals and potential were not as far along the way to improvement as at present: The merger was announced on 2/19/07 and SIRI closed at 3.92 on 2/20/07; the merger was completed, after an unusually long delay, on 7/29/08 and SIRI closed at 1.58 on 7/29/08. The subsequent massive economic and financial turmoil of late '08 through mid '09 - including the virtual shutdown of the auto industry through this time span - caused SIRI to move through the lows of that period and the subsequent recovery since midyear that is now reflecting the strong potential that lies ahead. SIRI is trading from technical strength, as a result, containing each normal pullback with a resilient undertone and mounting subsequent recoveries to further test the upside. This pattern should continue over the foreseeable future, and SIRI has shown in recent days an ability to outperform the general equity markets, as seen in the stronger performance of SIRI relative to the DJIA, Nasdaq, and S & P indices.
Brandon and RAF stop already. Showing true colors now.
What investment firm you guys work for?
Lets wait till Thursday and see what happens. Talk all the numbers you want, bottom line will they meet, beat or disappoint the estimates. A (.04) will be a disappointment in relation to estimates.
SiriusXM needs to beat estimates. I would be happy with (.01) to even. This would be respectable.
Then enact R/S sell to Liberty Media and start Branding the SiriusXM name through money available from Liberty for R&D.
Anybody notice the World Series is sponsered by Direct TV among others. And its weird how at the ball park they were giving a lucky few XM Radios with 3 month sub (By the way not the SkyDock, an accessory get it).
Just a prediction.
RAF got any other financial terms you wish to redefine for your benefit today?
True Siri Longer (Looking to be part of LM family) and voice of reason.
oversight and analysis only points out the continuous mismanagement about setting out a future with a solid business model. It's all based on if the subs do this or that and if there are this many cars sold and if the trials sign on permanently, etc., etc.
People say, well the auto industry is down, there is a financial crisis, and people aren't spending. Well tell that to
Apple. Iphones are selling, ipods are selling and the monthly subs price are very high. And this during the biggest recession. So if things are so bad economically why are people shelling out so much on Apple prod.'s
The reason is Apple has it's act together. They have developed a product that is a must have. They have a management that knows how to think ahead, prepare a business model and deliver to the customer.
SIRI management is a bunch of old farts. What's their latest product offering, Roesanne Barr. Oh boy.
SIRI may have missed it's day. The idea that they could deliver programming by sat. rad may now be dead tech. Because now programming can be delivered thru tel co.'s and so who needs sat rad anymore. Once a new wave of programmers catches on that it can all be delivered thru tel.'s, sat rad is going to be old tech pretty soon.
SIRI is a day late and a dollar short. Also a few bananas
short a good, young future thinking management. SIRI
will be sold off in the future thru future leveraging and some at the top will make a bundle and the rest will get the shaft.
The future ain't SIRI anymore, it's passed. It will be cell phnoes all the way now. In the car, in the hand, in the house and in office and work place. All that's needed is the programs and personalities to be sent via cell phones, with
out sat. rad. Good job SIRI management. You've put yourselves out to pasture.
I know everyone will bash this blog and mark their minus,
but at sometime it has to said.
"The future ain't SIRI anymore, it's passed. It will be cell phnoes all the way now. In the car, in the hand, in the house and in office and work place. All that's needed is the programs and personalities to be sent via cell phones, with out sat. rad.
This type of thinking is what many people have, and it is wrong. People think SIRIUS XM is selling "satelite" radio service. You position SIRIUS XM as a competitor to cell phone service. SIRIUS XM does not in anyway compete with the cell phone services ability to get audio entertainment. SIRIUS XM will be available on all cell phones in the near future through wi-fi and the internet. When you point out "all that's needed is to get personalities and programs to cell phones", you miss the whole point of the benefit of SIRIUS XM. You don't seem to understand how difficult that would be for any "new" company to compete with SIRIUS XM for its variety of content and personalities. SIRIUS XM is a CONTENT provider, not a satelite service provider. Therefore, when cell phone/internet service is available nationwide 3g/4g..no deadspots..., SIRIUS XM will still compete with anyone on content. Not compete on the ability to get a signal through satelite or a cell phone. People will want to listen to quality audio entertainment, the technology behind it isn't important to the user.
You don't realize that when you say cell phones have access "In the car, in the hand, in the house and in office and work place", that will be a MAJOR selling point for SIRIUS XM for the future. You should patent that before they use it. In the past, $15.00 got you great audio in the car...In the future that same subscription gets you great audio "In the car, in the hand, in the house and in office and work place" GOOD DEAL..No other company in the forseeable future will have the platform that SIRIUS XM has. They have satelite, internet/WI FI. So anywhere you can see the sky you have service. Anywhere your cell phone works, you will have service...etc...
BTW, I'm listening to SIRIUSXM right now through my computer, not satelite....SIRIUS XM is the future of audio entertainment...who cares if it is through satelite, internet, phone, or anything else that comes along...Stock will recover in the long term. This is just the beginning of SIRIUS XM. In a few years, it won't even be called satelite radio....Just SIRIUS XM....Go to XM's website. You will see their websites rarely uses the word "satelite"...Just XM radio..... ...You are about 5 years behind in your thinking about SIRIUS XM DAYWORKER,
On Nov 03 01:43 PM Jerrold Williams wrote:
> above comment...1st line I I meant I have to DISagree....my typo....
"Don’t read too much into 3Q reports overshadowed by sustainability questions.
What does that mean?!! If they have a good report, you saying the stock will still go down because of sustainablity issues? Is that your opinion? Really? Are you serious? or is this a joke? Positive report in a recession and we worry about sustainablity as economy hopefully improves??? i just don't get it....help me understand.
On Nov 03 12:07 PM SIRI-Doom wrote:
> Thanks Giving Beans
>
> We see institutions and the street questioning the current economic
> 3Q improvements. Government stimulated programs like “Cash for Junkers”
> haves provided premature short term orgasmic glee.
>
> Other than debt reduction, SIRI 3Q improvements will be questioned
> with the same economic skepticism as all other nonessential product
> providers. The market is not responding with optimism as normally
> expected for companies that have reported great numbers. Simply put,
> SIRI is reporting 3Q to a market full of bears.
>
> A good 3Q report is welcome. However, most sales numbers will be
> over shadowed by sustainability questions in a gun shy government
> pumped market.
>
> Don’t read too much into 3Q reports overshadowed by sustainability
> questions.
Comments are spot-on and it's a shame that this explanation needs to take place over and over again. As the old saying goes: Conent is King. Any phone company is capable of duplicating the level and diversity of content provided by Sirius/Xm, however, by the time they finish signing all the exclusivity agreements they too will be charging $13 per month for access! There's a reason things are free in life and that's because generally no one wants them.......
On Nov 03 01:42 PM Jerrold Williams wrote:
> Dayworker, I have to agree with at least one of your points, mainly
>
>
> "The future ain't SIRI anymore, it's passed. It will be cell phnoes
> all the way now. In the car, in the hand, in the house and in office
> and work place. All that's needed is the programs and personalities
> to be sent via cell phones, with out sat. rad.
>
> This type of thinking is what many people have, and it is wrong.
> People think SIRIUS XM is selling "satelite" radio service. You position
> SIRIUS XM as a competitor to cell phone service. SIRIUS XM does not
> in anyway compete with the cell phone services ability to get audio
> entertainment. SIRIUS XM will be available on all cell phones in
> the near future through wi-fi and the internet. When you point out
> "all that's needed is to get personalities and programs to cell phones",
> you miss the whole point of the benefit of SIRIUS XM. You don't seem
> to understand how difficult that would be for any "new" company to
> compete with SIRIUS XM for its variety of content and personalities.
> SIRIUS XM is a CONTENT provider, not a satelite service provider.
> Therefore, when cell phone/internet service is available nationwide
> 3g/4g..no deadspots..., SIRIUS XM will still compete with anyone
> on content. Not compete on the ability to get a signal through satelite
> or a cell phone. People will want to listen to quality audio entertainment,
> the technology behind it isn't important to the user.
> You don't realize that when you say cell phones have access "In the
> car, in the hand, in the house and in office and work place", that
> will be a MAJOR selling point for SIRIUS XM for the future. You should
> patent that before they use it. In the past, $15.00 got you great
> audio in the car...In the future that same subscription gets you
> great audio "In the car, in the hand, in the house and in office
> and work place" GOOD DEAL..No other company in the forseeable future
> will have the platform that SIRIUS XM has. They have satelite, internet/WI
> FI. So anywhere you can see the sky you have service. Anywhere your
> cell phone works, you will have service...etc...
> BTW, I'm listening to SIRIUSXM right now through my computer, not
> satelite....SIRIUS XM is the future of audio entertainment...who
> cares if it is through satelite, internet, phone, or anything else
> that comes along...Stock will recover in the long term. This is just
> the beginning of SIRIUS XM. In a few years, it won't even be called
> satelite radio....Just SIRIUS XM....Go to XM's website. You will
> see their websites rarely uses the word "satelite"...Just XM radio.....
> ...You are about 5 years behind in your thinking about SIRIUS XM
> DAYWORKER,
Again this stock is toooooo cheap to get in without high risk.
On Nov 03 02:23 PM between the hedges_ wrote:
> tick tock, sky dock, blackberry app, google app, tick tock, auto
> rebound, cash for clunker, pre-owned additions, ford profit, tick
> tock, cover cover, mel incentivized with options, tick tock, nfl
> football, ncaa football, tick tock, holiday season, consumer loaded
> with cash, tick tock, friends telling me they can't live without
> sat rad, tick tock, 1.5 hours today to cover, tick tock, one more
> trading day after today to cover, tick tock, can't stop the clock,
> tick tock, home sky dock, tick tock, ad based model, tick tock.
The SkyDock or any other accessory isn't going to help get subs, the product will.
This is where R&D and having there own mobile unit enforces brand name.
He can launch his own Stern show via an app and Website. He can charge $.99 a month or $1.99 a month. Consider how many millions listen to him, he can take them all with him to his independent show under his own management. No bosses, no SIRI. Just Stern production. The money is all his. That is the future now, my friend. And that's what everyone else will start doing.
Once they see someone like Stern do it, then the flood gates will open and everyone can take a shot on a small upfront cost. Like Blair Witch or Paranormal. There will be a virtual avalanche of content. (Virtual-no pun intended)
Get my point. The whole field of content will change. I use a kindle
reader, so I don't get newspapers and magazines any more. I get blogs off the internet and the kindle. Some are fee based. I buy at prices from $.49 to $1.99 subscription. I buy the independent content I want. People will go out and buy independent shows and personalities they want ala carte. They won't need SIRI. Also,once the talent and personalities realise they can put on their own shows thru apps and websites, why go to SIRI. The writing is on the wall.
It's over. We're going into a new era. That's just a fact.
Well, if that's true, could you please explain what you base your opinion on when Rosie, Oprah, Stewart and all other SiriusXM radio personalities have not do that?
And there is one more thing: When it comes to Limbaugh, O'Reilly and the rest of those clowns on terrestrial radio, I've never heard of them jumping ship to a medium of their own either.
Scot' Slant
I sold everything on Friday with modest gains. Put it all in the FOREX so the bears can growl without me… Tip – stay out of dollar pegged…
I for one agree with much of what you espouse although I don't feel that it necessarily means the death of SIRI/XM as a content provider. In a country of 350 million people, there are still pleny of folks out there who are willing to have their content "assembled" for them in one place without having to do ala carte shopping to pull in bits and pieces. Many of us are just too busy with other things in life and don't have the time nor inclination to "shop" for our content. Then there are the exclusive agreements with major sports franchises like the NFL, NHL, NBA, and MLB. By the time you start adding all of these to your phone as separate apps, you still end up with the same cost structure. You say you are paying an average of $1 for subscriptions on a case-by-case basis. That means for roughly $13 per month you are obtaining approximately 10% of what SIRI/XM provides for the same price (based on 130 channels). Now, if a user truly can't find 13 channels on SIRI/XM out of the 130 available, then I agree with you, ala carte shopping would be the better value. However, I think there are plenty of people in this country who CAN find at least 13 channels they enjoy and therefore SIRI/XM can sustain and incrementally grow in the same space as the ala carte shoppers.
I like your examples of independent movies (although both titles you referenced completely sucked IMHO), but even with independent movies showing up on occasion, people are still paying to see the blockbusters as well.
Looking forward to Thursday.......
ARMY STRONG
On Nov 03 06:54 PM dayworker wrote:
> That's your only nursery school response. Not grown up enough to
> hear other views. Like children some just say stop because it's to
> hard to listen to other views. I know everyone only wants to hear
> how SIRI is going to have higher price share so they can make the
> money they should with SIRI. Ain't going to happen. So if you don't
> want to read about it go to a blog that will feed you baby food.
I am telling you all Liberty and Dish battled for more than just giving a loan, it was to have an inside look at this company so when the time was right they would be ready for a bid.
Its a natural for a company that cannot take their product forward without heavy R&D money. Its text book and makes sense. SIRIXM Radio will thrive under Malone model and cash.
On Nov 03 07:20 PM SIRI-Doom wrote:
> Disclosure: ZERO STOCK
> I sold everything on Friday with modest gains. Put it all in the
> FOREX so the bears can growl without me… Tip – stay out of dollar
> pegged…
As far as you naming movies that went independent and are doing well, I don't get your point. In the end, didnt they have to still show thier movies where most people would view them, the movie theaters!!!According to you, they didnt even need movie theaters...they could have just launched a website, or an iphone app and charged people to view...Then they keep all the money! that is the future!...everything through your cell phone!,,,,they could watch paranormal on their ipod for $3.99 or so...right? why use old technology? Do you see how silly your point is now? Do you think Paranormal will come out on DVD in a few months or will they just launch an iphone app or website? give me a break already...
I would tell you why your Kindle argument is silly too...but this is getting too long....
On Nov 03 07:05 PM SIRI-Doom wrote:
> To answer comments above.
> I was being polite in my post. You want my blunt opinion?
>
> Smaller ups for the 3Q report followed by a back slide and then stagnating
> with float. All business as usual for SIRI. I see 70 - 79 cents as
> a very optimistic high for the 3Q bounce. I see some good 3 cent
> spreads for day traders who can risk an anytime possible rev-split.
>
>
> SIRI is going to bounce up on the 3Q. However this bounce will not
> be as significant because the market is pissed off with a bad economy,
> political pay cuts, bank failings, and much more.
>
> This 3rd quarter is full of bull from government intervention. That
> means the 4Q is going to suck and not just for SIRI. Going into the
> New Year, SIRI is going to need something big to keep subscriptions.
>
>
> Now add the rev-split and the stagnating float could become a near
> term fee fall.
DID SIRI go back to 56 again last week? Was I dreaming? It was not a fire sale. It turned out to be a slow back slide. But, down is down... In a normal market, I believe it would have been a fire sale. SIRI is controlled and heavily manipulated. Debatable...
I remain bearish. The delisting and rev-split are issues that could cause a free fall at any time... Or Not...
Please, I beg you NOT to Post your Advertisements here.
This is a blog board already hampered by a communist free speech hater. We do NOT need you adding to the Sensory Bitch’s agenda...
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How many people listen to his show now, 5 mil. At $1.99, that's about
$10 mil a month, $120 mil per year. If he has 10 mil listners then he's at about $240 mil per year, less expenses. Sounds good to me.
As far as kindle goes, say a subscription to the NY times runs about
$60 per month, LA Times about $20 per month, ad in Washington Post, Newsweek and few other mag's and it's well over $100 per month. With the kindle i'm, probably down to around $25-30 per month. That's a big savings. Plus it's all on one machine and i can
take it everywhere. Add in all the blogs and it becomes a floating entertainment machine.
Sorry, I did get the Rosie mixed. No difference though.
The point being digital is moving entertainment to other electronic distribution systems. Whether it's podcasts, kindle for print, itunes and ipods, and the big gorilla in the room ,iphone. Technology moves fast. You say there 160 channels on SIRI. How many apps are on iphone, 500, maybe more. What happens when entertainers,
especially radio personalities and music entertainers start having apps and with a push you could have them all you want for $.49 or
$.99 and maybe with video.
And it will happen with video, and tv and films. Once they complete
a universal docking system all we will have to do is plug a cell phone to a monitor, a computer or what ever. The application for a broader reach is greater than SIRI. What's the full capacity of sat.
compared to iphone digital. Iphone may eventually be thousands.
Costs could drop to pennies per use ala carte.
my last comments on this.....
As far as your Kindle argument....Why don't the authors from, for example Newsweek, quit newsweek, they all can start their own iphone app or website and go independent like you say Howard Stern will. Why do they need Ny Times, Newsweek, etc....They can charge maybe $1.00 per week..How many readers does a top author have? millions.....they could become billionaires! lol....Get their articles delivered directly to Kindle, why do they need a big Media company like NY times, Newsweek, etc..? No one will actually read paper anymore in the future; everything on your iphone or Kindle!...Oh...maybe because people like to get a variety of articles in one reliable place...hmmm...maybe people want to get their audio entertainment the same way...
.In your world, I have a Howard Stern app, a cnn app, a chriss russo app,a MSNBC app, an oprah happ,etc.... I would have at least 20 apps!! Ok...at $.99 each....that's $20.00 a month...for 20 shows? Oh wait I listen to sports...add some more apps...Oh, I want traffic and weather ...more apps...I like certain dj's..more apps, a new personality comes out..another app, I like comedy; each comic will have an app..lol.....geez, I wish a company would buy all these apps to consolidate into one easy to use platform!....oops...back where we started....SIRIUS XM.
Go invest in Apple, and Amazon and get a clue......Let me know how that Howard Stern app works for you next year....maybe he will have video so you can watch him while you drive to work. In your world do people still need to watch the road as they drive or can they watch their iphone video for all talk shows? The future sounds dangerous to me.....
or $6mil per year, as well as promote and sell cd's etc. The point being as it all goes digital content will not be confined to a group like Mel and SIRI. Just look at how itunes has changed music buying.
Now Blockbuster is going digital because actual sales of dvd's has
dropped. Sure people will want music and entertainment in the auto
but how are you going to take sat rad into the house, dorm, office,motel,or sports events. With a cell phone just take it anywhere. There are auto docks now for the iphone. When I go on the road I take the kindle and have all my papers right there when ever I want them. No stacks and a back date of a months supply.
It also has the latest book i'm reading. So when people start using imagination to bundle and distribute with apps it will be a force to reckon with. Sat rad gives you some auto listening, but isn't SIRI also doing some TV now as well. The young consumer will not be going with sat rad, it will be digital,cell phones and apps.
"Sure people will want music and entertainment in the auto
but how are you going to take sat rad into the house, dorm, office,motel,or sports events. With a cell phone just take it anywhere"
SIRIUS XM is available on your iphone! SIRIUS XM is available on your Blackberry!!! with a little smarts, you can get it on any cell phone!!!that is how you take it outside the car!!!!
You love the iphone...so you take your iphone, download the FREE app, and take it to work, the dorm, the gym..where ever? what is so hard for you to understand? do you just want to stick to your ideas despite the facts? That is SIRIUSXM's advantage....SIRIUS XM has can get a signal anywhere in the country!! you can take it in the middle of the woods...if you can see the sky, you get signal...long trip on highway...signal!! Go inside a building with your iphone..signal through 3g if possible. satelite + premium internet plan= unmatched in the country.
SIRIUS did offer backseat tv....that is a waste of time and is outdated technology, i will agree with that. All they offered was Disney channel and a few others...nothing exclusive. I can watch tv on my cell phone with a sling box...Young people won't be the prime market for satelite radio...agreed. However, young people do mature away from downloading songs, podcasts,etc...they will eventually want variety of talk, music etc....I bought my first MP3 player back in about 1999. As I matured, I got tired of downloading songs,etc..I needed to have a variety where I could just choose a station....Kids kind of make your time more valuable. I just turn on XM and i'm satisfied for whatever mood im in. I have cousins that spend hours a week looking for songs to download....I havent downloaded a song in years...no need to with my XM..
On Nov 03 08:56 AM gogglespaisano wrote:
> Whenever SIRI is poised to or wants to go up - the shorts always
> come out and force the price back down - so I have a quick question
> and excuse my naiveté...shorts have to borrow shares - where do they
> get these shares to borrow and how do you stop them - I own shares
> in siri and am long - I do not want them to "borrow" my shares....can
> I stop them by putting in an extremely high sell price ($5.00) -
> therefore my shares are spoken for and they cannot borrow them -
> does that makes sense
choices. All tired old acts. But you got the point. It is already an iphone app. Take your iphone any where and go to any app. Listners won't have to go SIRI soon for something, they will have a greater choice thru apps, including new and original independent entertainment.
With SIRI it's the old tried and true. Boring. Yes some will still be loyal listner's. But the advantage is to those who have an app and it hits big.Their will be new personalities and music that comes along and some of those apps will make it big. You got the point. SIRI has to use the iphone app to try and stay in the game. And so the app world grows and only some of SIRI programs will stay strong. But my beef is that Mel and Co are not up to the programing task to keep up with new age that is coming. Another example will be apps by musicians, comedians, news etc. that are basically free to the listner because they want to sell their music, dvd's, video's, books,
and what ever. The apps are free because they are promotional sales tools. So say if Madonna wanted to have a Madonna app
to play all Madonna she could do it for free, very little cost, and she could use it to sell cd's, her concerts, video archives , photography, movies and what ever. Just like SIRI is doing now. They give the app away free so people will sign up for the program line up. I fully understand it's like cable tv only audio. I'm only saying Mel and co
are the problem. If they had done something that really had made it
a must years ago then it would have been ahead of the game. Now they are still playing catch up. The problem is the technology is moving on and SIRI is late to the party. It's all going apps and digital.
The money is spent by young people and they are in another place generational wise. I understand you want SIRI to win and take off, but people are looking beyond sat rad now. It's not where the future is. It's going to be old technology soon. Young people will want their
entertainment directly from the app sources thru cell phones.