Addition of 135,000 Subscribers in Q1 '03; XM on Target to Exceed One Million Subscribers During 2003
XM Satellite Radio announced today it has signed up 483,075 subscribers, furthering its march to one million subscribers and solidifying its market leadership in digital satellite radio. XM added more than 135,000 subscribers in the first quarter of 2003.
"XM started 2003 on a very strong note," said XM President and CEO, Hugh Panero. "The company's accelerated subscriber growth is fueled by the critically acclaimed Delphi XM SKYFi Radio, which is penetrating the home, portable and automotive market, and XM's availability in new General Motors' vehicles."
"In the face of a sluggish economy, XM's ability to attract new listeners and its overall performance continue to be exemplary," Panero added. "Clearly, the critical milestone of one-half million subscribers is visible on the horizon and we will reach it shortly."
As a portable complement to XM's best-selling automotive and in-home units, the new Delphi SKYFi "boom box" satellite radio has experienced outstanding sales helping to spur the large numbers of loyal, new customers signing up with XM.
XM is the rebirth of radio. XM's innovative programming approach features 101 coast-to-coast digital channels: 70 music channels, many of them commercial-free, from hip hop to opera, classical to country, bluegrass to blues; and 31 channels of sports, talk, children's and entertainment. XM's strategic investors number America's leading car and media companies, including General Motors, American Honda Motor Co. Inc., Clear Channel Communications, DIRECTV and The Hearst Corporation.
XM radios are available at major electronics retailers nationwide. Leading manufacturers such as Sony, Alpine, Pioneer and Delphi offer a broad array of XM radios that easily enable any existing car stereo system. For more information, please visit XM's web site: http://www.xmradio.com .
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include demand for the company's service, the company's dependence on third party vendors, its potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and Exchange Commission on 3-31-2003. Copies of the filing are available upon request from XM Radio's Investor Relations Department.