SiriusXM
SiriusXM CFO Says Satellite Radio Faces Uncertain Coronavirus Impact
Even if people aren’t commuting in their cars as much while they shelter in their homes during the coronavirus pandemic, satellite radio powerhouse and Pandora owner SiriusXM has yet to take a big hit to its bottom line judging by its recently released first-quarter earnings. But while listening of Pandora and SiriusXM offerings is up for stay-at-home consumers, David Frear, senior executive vp and CFO of SiriusXM, warned Tuesday that his industry faces an uncertain future. “I haven’t talked to anybody who has a good picture of what the recovery will look like,” he told the J.P. Morgan Global Technology, Media and Communications Conference during a session that was webcast. Frear said the COVID-19 crisis has driven new- and used-car sales down sharply, relative to y...
MusiCares’ COVID-19 Relief Fund Now Depleted of Financial Resources
The charitable foundation MusiCares, an organization dedicated towards supporting music industry professionals in need of financial assistance, has run out of monetary resources. Amid the ongoing pandemic, MusiCares launched their COVID-19 Relief Fund last month, which has drawn an unprecedented influx of applications. The depletion of funds has now caused the organization to halt new applications for the time being. The fund, which was started with two $1 million donations from the organization itself as well as its affiliate, The Recording Academy, went on to raise $14 million in total. The resources were raised from individuals as well as charitable corporate partners including SiriusXM, Spotify, and Pandora. However, as the pandemic has persisted, the orga...
