Kia Motors America and SiriusXM Expand and Extend Their Long-Term Agreement
FOR IMMEDIATE RELEASE
Kia Motors America and SiriusXM Expand and Extend Their Long-Term Agreement
Kia to significantly increase its installation rate of SiriusXM
NEW YORK - October 30, 2020 - SiriusXM and Kia Motors America announced today an expansion of their long-term agreement. The two companies are extending their relationship through 2025, and over the course of the agreement Kia will significantly broaden the installation of SiriusXM throughout Kia models and trims produced in North America. This increased penetration rate will begin with model year 2022 vehicles and means SiriusXM is targeted to become a standard feature on nearly all of Kia vehicles sold at retail in the U.S.
Kia customers purchasing or leasing SiriusXM equipped vehicles will continue to receive a three-month subscription to SiriusXM All Access, SiriusXM's most robust programming package. SiriusXM All Access delivers to consumers SiriusXM's full lineup of varied content, plus access to SiriusXM outside their vehicles on the SiriusXM app and on connected devices and speakers in their homes. Customers who purchase or lease Kia Certified Pre-Owned vehicles will also continue to receive a three-month subscription to SiriusXM All Access.
"Our customers love SiriusXM and we're excited to be announcing our plans to make it a standard feature across the vast majority of all vehicles sold at retail," said Bill Peffer, vice president, sales operations, Kia Motors America. "When you come to our dealerships and experience one of our award-winning models - from the ultra-popular Telluride to the Top-Safety Pick Forte to the sporty Stinger and so many more - that experience will be enhanced by SiriusXM's world class programming and the best in audio entertainment in more Kias than ever before."
"We are thrilled and very proud to be expanding our relationship with Kia and making SiriusXM a retail standard feature across most of their lineup. That is a wonderful testament to the continued popularity of our content and we want every Kia customer to be able to drive off the lot enjoying SiriusXM," said James Wu, VP, Automotive Partnerships for SiriusXM. "Kia boasts a distinguished lineup of vehicles and their commitment to innovative design, technology, safety and durability consistently puts them among the top brands for customer loyalty. The extension of our long-term agreement ensures that the Kia-SiriusXM relationship will continue to grow and serve those customers well for many years to come."
For more information on all the programming that SiriusXM offers, and all the ways subscribers can listen, visit www.SiriusXM.com<https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.siriusxm.com%2F&data=04%7C01%7Cjames.wu%40siriusxm.com%7C4d6e48f764b245bdcd6f08d87b9a1eae%7Cc69f0fed51c54fedbe55ba0d512d25ab%7C0%7C0%7C637395249163315268%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=3tK3v1Z7EX1BbF6miTWnDr%2Fj0l7q0a7TkfNE%2FbAjSeY%3D&reserved=0>.
About Kia Motors America
Headquartered in Irvine, California, Kia Motors America continues to top quality surveys and is recognized as one of the 100 Best Global Brands. Kia serves as the "Official Automotive Partner" of the NBA and offers a complete range of vehicles sold through a network of nearly 800 dealers in the U.S., including cars and SUVs proudly assembled in West Point, Georgia.
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Sirius XM Holdings Inc. is the leading audio entertainment company in the U.S., and the premier programmer and platform for subscription and digital advertising-supported audio products. Pandora, a subsidiary of SiriusXM, is the largest ad-supported audio entertainment streaming service in the U.S. SiriusXM and Pandora's properties reach more than 150 million listeners, the largest addressable audience in the U.S., across all categories of digital audio - music, sports, talk, and podcasts. SiriusXM's acquisitions of Stitcher and Simplecast, alongside industry-leading ad tech company AdsWizz, make it a leader in podcast hosting, production, distribution, analytics and monetization. SiriusXM, through Sirius XM Canada Holdings, Inc., also offers satellite radio and audio entertainment in Canada. In addition to its audio entertainment businesses, SiriusXM offers connected vehicle services to automakers. For more about SiriusXM, please go to: www.siriusxm.com<http://www.siriusxm.com>.
This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "believe," "intend," "plan," "projection," "outlook" or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the current coronavirus (COVID-19) pandemic is adversely impacting our business; our substantial competition that is likely to increase over time; our efforts to attract and retain subscribers and listeners, or convert listeners into subscribers, which may not be successful, and may adversely affect our business; our Pandora ad-supported business has suffered a loss of monthly active users, which may adversely affect our Pandora business; privacy and data security laws and regulations may hinder our ability to market our services, sell advertising and impose legal liabilities; we engage in extensive marketing efforts and the continued effectiveness of those efforts are an important part of our business; consumer protection laws and our failure to comply with them could damage our business; a substantial number of our Sirius XM subscribers periodically cancel their subscriptions and we cannot predict how successful we will be at retaining customers; our ability to profitably attract and retain subscribers to our Sirius XM service as our marketing efforts reach more price-sensitive consumers is uncertain; our failure to convince advertisers of the benefits of our Pandora ad-supported service could harm our business; if we are unable to maintain revenue growth from our advertising products, particularly in mobile advertising, our results of operations will be adversely affected; if we fail to accurately predict and play music, comedy or other content that our Pandora listeners enjoy, we may fail to retain existing and attract new listeners; if we fail to protect the security of personal information about our customers, we could be subject to costly government enforcement actions and private litigation and our reputation could suffer; interruption or failure of our information technology and communications systems could impair the delivery of our service and harm our business; we rely on third parties for the operation of our business, and the failure of third parties to perform could adversely affect our business; our business depends in part upon the auto industry; our Pandora business depends in part upon consumer electronics manufacturers; the market for music rights is changing and is subject to significant uncertainties; our ability to offer interactive features in our Pandora services depends upon maintaining licenses with copyright owners; the rates we must pay for "mechanical rights" to use musical works on our Pandora service have increased substantially and these new rates may adversely affect our business; failure of our satellites would significantly damage our business; our Sirius XM service may experience harmful interference from wireless operations; failure to comply with FCC requirements could damage our business; economic conditions, including advertising budgets and discretionary spending, may adversely affect our business and operating results; if we are unable to attract and retain qualified personnel, our business could be harmed; we may not realize the benefits of acquisitions or other strategic investments and initiatives, including the acquisition of Pandora; our use of pre-1972 sound recordings on our Pandora service could result in additional costs; we may from time to time modify our business plan, and these changes could adversely affect us and our financial condition; we have a significant amount of indebtedness, and our debt contains certain covenants that restrict our operations; our facilities could be damaged by natural catastrophes or terrorist activities; the unfavorable outcome of pending or future litigation could have an adverse impact on our operations and financial condition; failure to protect our intellectual property or actions by third parties to enforce their intellectual property rights could substantially harm our business and operating results; some of our services and technologies may use "open source" software, which may restrict how we use or distribute our services or require that we release the source code subject to those licenses; rapid technological and industry changes and new entrants could adversely impact our services; existing or future laws and regulations could harm our business; we may be exposed to liabilities that other entertainment service providers would not customarily be subject to; our business and prospects depend on the strength of our brands; we are a "controlled company" within the meaning of the NASDAQ listing rules and, as a result, qualify for, and rely on, exemptions from certain corporate governance requirements; while we currently pay a quarterly cash dividend to holders of our common stock, we may change our dividend policy at any time; and our principal stockholder has significant influence, including over actions requiring stockholder approval, and its interests may differ from the interests of other holders of our common stock. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 30, 2020, which are filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov<https://c212.net/c/link/?t=0&l=en&o=2363377-1&h=716401572&u=http%3A%2F%2Fwww.sec.gov%2F&a=http%3A%2F%2Fwww.sec.gov>). The information set forth herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward looking statements as a result of developments occurring after the date of this communication.
Media contacts for SiriusXM:
Andrew FitzPatrick, Andrew.FitzPatrick@SiriusXM.com<mailto:Andrew.FitzPatrick@SiriusXM.com>
Kevin Bruns, Kevin.Bruns@SiriusXM.com<mailto:Kevin.Bruns@SiriusXM.com>