I think SIRI is similar to the newspaper business. The competing streaming services have a better mousetrap. SIRI's current users will be tapering off and younger users are highly unlikely to sign up. Spotify pays more per song streamed than SIRI but that's because its users can choose exactly which songs they want to stream. So Spotify is a better service than SIRI for music lovers and podcasters. In addition competitors like Spotify & Apple Music have a global scale that's much bigger in the long run than SIRI. These streaming services don't pay carriage fees and don't have satellite capex which is an advantage. Finally, SIRI interface looks so old and tired it's hard to imagine it attracts a lot of younger crowd. The only advantage SIRI has is with coverage in rural areas in the US & Canada where the cell service is spotty. Even there, Starlink in combination with a streaming service is a better option. You get internet in addition to just audio.

So in my mind the best case scenario for SIRI is a slow decline towards irrelevance. It is cheap based on today's metrics but it is hard for me to tell if it is justifiably cheap or not.

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