Pandora’s monthly user base fell by 2.75m YoY in Q3, while SiriusXM’s total revenue share and royalty costs rose to $726M

Pandora’s audience and paid subscriber numbers fell in the third quarter of 2026, while SiriusXM’s royalty and revenue-share costs rose. The results point to weaker listening and subscriber revenue at Pandora, even as advertising growth in podcasts and other areas helped offset lower music-streaming ad sales.

Pandora ended September with 38.81 million monthly active users, down 2.75 million, or 6.6%, year on year; self-pay subscribers fell by 177,000 to 5.51 million. SiriusXM’s consolidated revenue slipped to $2.153 billion, while net income rose 7% to $317 million. Royalty and revenue-share costs increased by $5 million to $726 million, equal to 33.7% of revenue; the company also raised its 2026 revenue forecast to about $8.55 billion.