NEW YORK (CelebrityAccess) — Satellite radio broadcaster SiriusXM announced plans to reduce their workforce by 8%, or 475 employees.
“I want to acknowledge that this is going to be a challenging day, especially for those departing from the company, and I’d like to extend my deepest gratitude to everyone for their contributions to SiriusXM. Regardless of the team, level, or tenure, you played a role in bringing our Company to where it is today and for that we are grateful. This was not an easy decision to make, nor one we took lightly. However, it is critical for us to take the right steps now to secure the long-term health and profitability of our business,” said Jennifer Witz, CEO of SiriusXM in a statement announcing the layoffs.
According to Witz, the drawdown comes amid “today’s uncertain economic environment” and follows a review of the company’s business practices with an eye towards improving efficiency, SiriusXM said.
Witz said the company has made cuts in other areas as well, including reducing content and marketing spend, decreasing our real estate footprint, and most recently, implementing tighter restrictions in the company’s travel and entertainment policy.
In February, the company revealed that it had added 162,000 self-pay subscribers in the fourth fiscal quarter of 2022 but lost 28,000 paid promotional subscribers during the same period, with a total subscriber base of 34.3 million. The company also stated that they expect a moderate drop in subscribers this year amid challenges in the economic environment, particularly in relation to auto sales.
SiriusXM joins a growing number of tech companies that have been hit by staff cuts in recent months, including Google, Twitter, Meta, and Amazon.