Sirius May Declare Bankruptcy
from the so-much-for-that-plan dept
Since I first heard about satellite radio, I found it hard to believe that they would find enough subscribers to cover their costs. It just didn't seem worth it to me. However, plenty of people (sometimes here at Techdirt) told me I just didn't understand, and that satellite radio was really "the next cable TV". I think they almost convinced me... but I should have stuck with my instincts. Sirius, one of the two satellite radio players has announced that are probably going to have to declare bankruptcy after only offering their service for six weeks. In that month and a half they've signed up a grand total of (count 'em) 6,510 customers (who helped them generate a whopping $70,000 in revenue). They say they need $600 million to keep going. $600 million? In this market? With 7,000 customers and $70,000 in revenue? Seems like a tough sell.