[analyst74]

The audio space has been going through extremely cutthroat competitions and consolidation. Even today, most of the major players are operating at loss. SiriusXM is still one of the largest revenue-wise, and possibly the only profitable company in the space.

Its current business model may be at risk as car companies start to get more smartphone integrations. But with the money and content they have, they are uniquely positioned to selectively buy out streaming competitors to diversify their income streams.

There is risk if they can successfully integrate Pandora with their existing business, of course.