SiriusXM
How satellite radio became a $9 billion business by being pre-installed in every car — and why convenience defeats choice in habit formation.
SiriusXM is a satellite radio company founded in 1998, public in 2001. Investors wondered why satellite radio was valuable when terrestrial radio was free and streaming existed. The answer was powerful. SiriusXM combined exclusive content with mandatory hardware. Cars came with satellite radio installed. Skipping meant effort. Most people subscribed. Over 20 years, they built 34 million subscribers with radios installed in vehicles. Switching meant losing channels, losing presets, losing habits. Changing the dial is trivial. After a thousand hours, habits are sticky. After 10,000 hours, they're locked in. SiriusXM understood the economics of captured attention.
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