I figure Spotify is eating their lunch.
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Most cars now sinc right up with your smart phone. You can navigate I-heart-radio, spotify, pandora, etc right from your car’s dash interface.
I don’t expect satelite radio to crash quickly, but I think you are right. It’s not a strong long term media model. If you own stock, might want to take a second look at it.
My car syncs up with my phone and plays from my personal music library. No commercial, no DJ, just music.