• by Erik Sass  @eriksass1, July 26, 2013

Satellite radio broadcaster Sirius XM has announced substantial increases in its subscriber base and revenues in the second quarter of 2013, crediting strong continuing conversion by new car buyers, among other factors.
 
Total revenues increased 12% from $838 million in the second quarter of 2012 to $940 million in the second quarter of 2013, while the total number of subscribers at the end of the quarter increased 9% from 23 million to 25.1 million.

Between the end of the first quarter and the end of the second quarter 2013, the satcaster added a total of 715,762 new subscribers, compared to a net addition of 622,042 in the second quarter of 2012.
 
The second-quarter revenue figures included an 11.6% increase in subscription revenues, from $730.3 million to $814.7 million, and a 4.8% increase in advertising revenues, from $20.8 million to $21.7 million. On the expense side, the cost of revenue sharing and royalties increased 15.1% from $135.4 million to $155.9 million, while the cost of programming and content increased 8% from $65.2 million to $70.4 million.
 
Looking ahead, the satcaster expects to add a net total of 1.5 million new subscribers in 2013, with total annual revenues reaching $3.7 billion -- up 8.8% from $3.4 billion in 2012.

Sirius XM CEO Jim Meyer also noted the company’s initiatives to introduce new products and services, including telematics platforms that allow the satcaster to deliver services, including emergency calls, stolen vehicle tracking and roadside assistance to automobiles. Last week, Sirius XM announced a partnership with AT&T to provide mobile connectivity for the telematics system the satcaster is creating for Nissan .