What this is missing is the amount of listeners each play counts for. On Pandora/Spotify/Youtube, a 'play' is typically one listener. For these, it's mainly w

What this is missing is the amount of listeners each play counts for. On Pandora/Spotify/Youtube, a 'play' is typically one listener. For these, it's mainly worth noting that Spotify is about an order of magnitude more profitable per play ($1e-4 vs $1e-5). Sirius is at ~$1/play, commercial radio is $0.07/play. For Sirius XM, the breakeven number of listeners/play for the pricing structure to be comparable to Pandora is 70K. For Commercial Radio, the breakeven number of listeners/play is 5,000. *edit: added the price/play numbers