XM Satellite says tops 500,000 subscribers - Who Wudda Thunk It???

NEW YORK, April 14, 2003; Reuters reported that XM Satellite Radio Holdings. Inc. said on Monday it has signed up more than 500,000 subscribers to its satellite radio broadcast system

Fueled by demand for new products, including installation of its radio receivers in new vehicles from General Motors Corp. and the launch of portable satellite devices, XM is anticipating significant gains in subscribers this year.

The Washington, D.C.-based company finished 2002 with about 347,000 subscribers, and has pledged to reach 1 million during 2003.

Rival Sirius Satellite Radio Inc. which launched its service a year after XM, last month said it ended 2002 with just short of 30,000 users. It hopes to reach 300,000 by the end of 2003.

Both Sirius and XM have struggled to remain viable as the market for the capital-intensive satellite radio industry ramps up. Each has lost money as they try to attract subscribers.