Despite Sirius XM's Efforts to Enhance the Value of Its Subscriptions, Competition Remains Too Tough

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 necessary to offer a subscription service in vehicles. We now see Sirius XM’s primary competition as streaming music providers that rely on internet connectivity rather than terrestrial radio stations, and we believe those services provide the better value proposition for most consumers.