SiriusXM Chief Operating Officer Wayne Thorsen is leaving the satellite radio and audio streaming company less than two years after being hired to oversee a strategic overhaul focused on technology, product development and operational efficiency, the company announced Thursday alongside strong second-quarter earnings results.
Thorsen, who joined SiriusXM in December 2024 in the newly created role of Executive Vice President and Chief Operating Officer, departed after the company reported Q2 revenue of $2.16 billion, up 1 percent year over year, and adjusted EBITDA of $691 million, up 3 percent. The company did not specify reasons for Thorsen’s departure beyond saying he had “decided to leave the company” and has not announced a replacement or indicated whether it intends to fill the COO position.
Thorsen arrived at SiriusXM from ADT, where he served as chief business officer, and previously held senior leadership positions at Google, SoFi, Microsoft and Viacom. CEO Jennifer Witz had said at the time of his hiring that he would play a central role in executing the company’s revamped strategy, which emphasizes sharpening focus on the core subscription business while improving operating efficiency and returns on technology and marketing investments. “We appreciate Wayne’s many contributions to SiriusXM and thank him for his service,” Witz said during the earnings call. “We wish him all the best in his future endeavors.”
The departure comes as SiriusXM reports momentum across multiple business segments. The company achieved its strongest Q2 subscriber performance in four years, adding 22,000 self-pay subscribers during the quarter while monthly churn fell to approximately 1.4 percent, the lowest level in company history. Average revenue per user increased 1 percent following a February price increase. “As we reach the midpoint of 2026, our strategy is clear, and our solid execution is delivering results,” Witz told analysts. “We are building a more resilient subscription business with pricing durability and higher long-term customer value.”
Advertising revenue proved particularly robust, climbing 5 percent to $454 million. SiriusXM‘s podcast advertising business emerged as the fastest-growing segment, posting 30 percent year-over-year revenue growth driven by rising cost-per-thousand-impressions rates, increased sell-through rates and demand for what executives described as “culture-defining content.” Executives credited continued momentum in podcasting, programmatic advertising, technology fees and premium sports programming, while also noting growing demand from marketers for campaigns spanning satellite radio, streaming audio and podcasts.
The Pandora and Off-Platform business segment generated $543 million in revenue, up 4 percent year over year, with advertising revenue climbing 5 percent to $413 million. However, Pandora’s monthly active users declined to 39.8 million at the end of Q2 from 40.1 million three months earlier. Paid Pandora Plus and Premium subscribers remained essentially flat at approximately 5.6 million. The segment’s profitability increased 6 percent to $163 million despite the smaller audience, reflecting more efficient advertising operations.
SiriusXM raised its full-year guidance following the stronger-than-expected first-half performance, increasing 2026 forecasts for revenue, adjusted EBITDA and free cash flow by $25 million each. The revised guidance reflects confidence in the company’s strategic direction even as it navigates leadership transitions at the executive level.
For the broader podcast and audio production industry, SiriusXM‘s strong podcast advertising growth underscores the continued appeal of podcast advertising to major media companies and marketers seeking integrated audio campaigns. The company’s success in growing podcast revenue while maintaining pricing power suggests robust advertiser demand for podcast inventory despite a maturing market. The 30 percent year-over-year podcast advertising growth outpaces overall advertising gains, positioning podcasting as a key driver of revenue expansion for large audio platforms and indicating sustained investment in podcast content and advertising technology by major players in the industry.
Source: Inside Radio — Read the original article →
