It seems there are new company layoffs by the week – the latest media company to lay off many of their staff is SiriusXM. CEO Jennifer Witz announced today that satellite radio broadcaster, podcaster, and owner of streaming music service Pandora, will be letting go of 8% of its workforce, approximately 475 roles.
SiriusXM makes a vast majority of its revenue from subscriptions. However, subscriber growth has slowed down in 2022 due to broader macroeconomic headwinds, including supply chain issues impacting new car sales.
Witz claims this staff cut will “secure the long-term health and profitability of our business.”
In a publicly released statement, Witz commented, “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.”
She continued, “The company needs to think differently about how our organization is structured.”
Witz shares SiriusXM’s commitment to supporting the staff they are laying off, providing exit packages that include severance, transitional health insurance benefits, Employee Advocacy Program continuation and outplacement services.
Almost every major media and tech firm has been hit with major staff layoffs as the market continues to recover from a detrimental year in 2022.
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