A view inside SiriusXM Studios on March 04, 2019 in New York City. (Photo by Noam Galai/Getty Images)
Joining the likes of Spotify, Microsoft, and Google, SiriusXM on Monday said it's laying off 8 percent of its workforce, or about 475 employees, in response to flagging subscriber growth.
The satellite radio firm warned earlier this year that it was anticipating a drop off in subscribers due to widespread fears of a recession in 2023. At the same time, Sirius relies heavily on advertising revenue from car companies, which have seen weaker sales in recent months.
"We streamlined our non-headcount costs by reducing content and marketing spend, decreasing our real estate footprint, and most recently, implementing tighter restrictions in our Travel and Entertainment policy," CEO Jennifer Witz said in a letter to staff. "However, today’s decision to reduce our workforce was required in order for us to maintain a sustainably profitable company."
She added that "nearly every department across SiriusXM will be impacted" as the company implements a new, more streamlined organizational structure.
Employees getting laid off will receive exit packages that include "severance, transitional health insurance benefits, Employee Advocacy Program continuation, and outplacement services."
"Today is one of the most difficult days we’ve had to face as a team, and these changes impact each of us deeply," wrote Witz. "However, it is my belief that these tough decisions were necessary as we look to capture the opportunity in front of us."
Pete Nicoletti, Global CISO at Check Point, explains why it’s so difficult to legislate against A.I. disinformation and why it’s a concern going into the 2024 election.
Michelle Freyre, Clinique Global Brand President, discusses the company's latest ventures and why skin advice should always come from a trusted source.
Jason Tartick, small business expert and TurboTax Live Partner (who you may recognize from 'The Bachelorette'), shares his tips for making sure your taxes are flawless this year.
Christine Short, Head of Research, Global Corporate Events at Wall Street Horizon, a TMX Company, breaks down the biggest takeaways from companies’ quarterly results.
TikTok once again finds itself in a precarious position as lawmakers in Washington move forward with a bill that could lead to a nationwide ban on the platform.
Bryan West, Gannett’s Taylor Swift reporter, recaps the many, many, theories and Easter eggs Swifties are debating as her ‘Eras Tour’ film comes to Disney+.
‘Our Biggest Fight’ author and Project Liberty founder Frank McCourt, Jr. explains his problem with the internet – and why this Tiktok bill is just a starting point.
Consumer prices in the United States picked up last month, a sign that inflation remains a persistent challenge for the Federal Reserve and for President Biden.
