The SiriusXM CEO says the company aims to control costs while prioritizing a rebuild of its technology infrastructure in 2023.
SiriusXM said its cost-cutting review is currently underway. While it has not finalized any decisions on how many jobs would be cut or from what divisions, Witz said the results of the review are expected in the new year.
During Witz’s roughly two years as CEO, SiriusXM has hired about 1,500 new employees, bringing the company’s total headcount to just under 5,700, according to filings.last month that profits fell in the third quarter from a year ago due to a slowdown in Pandora subscriber revenue and higher expenses from investments in podcasting and technology. Third quarter revenues were up overall, as the company’s total subscribers rose to 34.2 million.
The company is in the process of updating the back-end technology and user-friendliness of its SiriusXM app, Witz said during a presentation at the investor day for SiriusXM’s parent company Liberty Media on Nov. 17. Updating the app’s infrastructure so that the company can bring new products to the app quickly is a key part of the company’s growth strategy.
“[The new app] takes the ease and connection we have in-car and extends it everywhere our subscribers go while inviting new listeners in as our standalone streaming business continues to grow,” Witz said at the investor day.
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