Time Magazine Calls Sirius XM A Bust
May 20, 2009 at 5:50 AM (PT)
Here's a Top-10 list you'd rather not make -- TIME MAGAZINE's "10 Biggest Tech Failures Of The Past Decade" -- which lists SIRIUS XM SATELLITE RADIO just ahead of MICROSOFT's ZUNE mp3 player.
TIME writes, "SIRIUS XM satellite radio was supposed to be one of the most successful consumer electronics devices of all time. A subscriber would be able to listen to more than 100 stations coast-to-coast in either a moving vehicle, or using a portable version of the device. As both companies ran low on money, they announced a merger on FEBRUARY 17th, 2007. The FCC reviewed the request for 13 months while the companies were bleeding cash. Subscriber growth had slowed, most likely because of new and more popular consumer electronics devices like the APPLE iPOD and multimedia cellular handsets. Shares in SIRIUS, which had traded at $63 in 2000, dropped to $.05 earlier this year. In the first quarter of 2009, the number of subscribers for the combined service declined by 400,000 from the previous quarter to 18.6 million."