Sirius XM Adds 465K New Subs In Q1, Passes 30M Sub Mark

Shares of Sirius XM Holdings Inc. (NASDAQ: SIRI) were trading lower by 0.26 percent early Monday morning despite the company's latest record-setting subscriber update.

Sirius XM said that it added 465,000 net new subscribers during the first quarter of 2016, resulting in a record-high subscriber base of 30.1 million.

Self-pay net additions totaled 348,000 in the first quarter, resulting in a self-pay subscriber base of 24.6 million.

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"Sirius XM has grown from a pioneering startup to a media powerhouse in less than fifteen years of service by providing listeners with the best audio entertainment available," said Jim Meyer, Chief Executive Officer, Sirius XM. "Our exclusive, unmatched content and ease of use has led us to this important subscriber milestone. I'd like to thank our dedicated employees, our valuable content creators and brands, our automotive distributors, and most of all our paying subscribers for their contribution to our success."

Meyer added, "We believe there is more success to come because of our relentless search for new and exciting content, our intense focus on subscriber satisfaction, and our significant investments in next-generation services and platforms."

Shares of Sirius have lost around 5 percent since the start of 2016.