Sirius XM Radio Inc (NASDAQ:SIRI) officially launched its MySXM platform today. The new service, which allows users a greater level of customization of what they hear, is hoped to cement the company’s position as a leader in music streaming, despite increased competition.
The interface of the MySXM is made up of a number of sliders that allow users to customize their listening experience. Options include the amount of music or talk radio a user would like to experience, and customization of the types of music and talk content. The future of streaming is all about customizable radio according to Sirius XM Radio Inc (NASDAQ:SIRI).
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Pandora Media Inc (NYSE:P) and other music streaming firms have been offering services like this for years, and it has been one of their biggest advantages over Sirius XM Radio Inc (NASDAQ:SIRI). Now that the feature list is balanced, Sirius might be able to cement its position at the head of the streaming market.
Sirius XM Radio Inc (NASDAQ:SIRI) has more than 24 million subscribers to which it broadcasts numerous radio channels from music to comedy, to talk. The firm has a huge presence in cars across the United States and has begun to establish itself as a big player in mobile devices. Investors will be hoping the launch of MySXM, with its enhanced customization, will help it expand.
Getting users to pay for music streaming has been notoriously difficult, and raising revenue to a level where it pays for content, including the extremely expensive music royalties. The Satellite radio company has a distinct advantage on that front, however. Royalties are more expensive for Internet Radio companies like Pandora Media Inc (NYSE:P).
Sirius XM Radio Inc (NASDAQ:SIRI) has been surprisingly successful at popularizing internet radio. The firm was almost written off as a relic just a few short years ago. Despite continued distrust of its business, the company has managed to grow well. It’s stock has risen by more than 50 percent in the last 12 months, and almost 44 percent since the start of 2013.
On today’s market, Sirius XM Radio Inc (NASDAQ:SIRI) stock had fallen by just over 2.5 percent at time of writing. The company suffered along with the rest of the market on weak data from China and instability in commodity markets.
MySXM is available on web platforms, Android and iOS.