It was announced today that SIRIUS Satellite radio will lower its subscription rate from 6.2 million to 6 million by years end. The stock took a dive on the news from around 4.2 cents per share to 3.9 cents per share.
People are talking like the sky is falling but, SIRIUS’s subscriber growth rate has been exceptional. The fact that the year over year growth rate has been even close is amazing. Sirius has been one of the fastest growing subscription based companies ever and I think it will continue on that route.
I still hold out hope for the holiday season and I think there will be a real push around Christmas. I don’t want to stereotype but, I think the kind of people who love Howard and plan on giving Sirius for X-mas are the kind of people who might just do some last minute shopping.