Sirius XM Offers Insufficient Differentiation in Competing Against Music Streamers

In our view, Sirius XM is fighting an uphill battle as the technology that once gave it a unique offering and an advantage over competition is no longer a necessity to offer a subscription service in vehicles. We now see Sirius XM’s primary competition coming from streaming music providers that rely on internet connectivity rather than from terrestrial radio stations, and we believe those services provide the better value proposition for most consumers.