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XM Adds 1M Subs In '05, Passing 4M

5/23/2005 02:00:00 AM Eastern

XM said it exceeded 4 million subscribers as of last week and that it is has captured more than 70 percent of satellite radio subscribers.

XM's president/CEO Hugh Panero said in a prepared statement, “By adding 1 million new subscribers in less than five months, XM is clearly the fastest-growing satellite radio company.” XM's year-end target is 5.5 million subscribers, compared to Sirius' target of 2.7 million, according to the companies.

XM said it is “one of the fastest-growing entertainment media ever.” It “reached 4 million subscribers in less time than cable television or online subscription services — two of the nation's most successful subscriber businesses. Consumers have also adopted XM faster than CD players, MP3 players, cellphones, personal computers, local radio, broadcast TV, satellite TV or digital video recorders, according to data from Consumer Electronics Association (CEA) Market Research,” XM said in a press statement.

The company expects to reach 20 million subscribers by 2010.

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