SiriusXM CEO: New Tech Platform Simplifies Discovery, Addresses Pain Points For Consumers

Sirius XM Holdings Inc SIRI is digging its teeth into rivals Spotify Technology S.A. SPOT and Apple Inc AAPL by revamping its SiriusXM streaming app. CEO Jennifer Witz detailed some of the changes following the announcement.

What Happened: SiriusXM unveiled a slew of new changes to its SiriusXM streaming app during its "Next Generation" event in New York this week. 

Beginning Dec. 14, the new streaming app will roll out to subscribers across North America featuring enhanced search capabilities, an upgraded media player, dedicated content discovery pages and more. The new features are designed to create a "more personalized, easy-to-use, lean-back streaming experience that puts discovery at the forefront," the company said in a press release. 

Why It Matters: Thursday in an interview on CNBCs' "Squawk On The Street," Witz explained that the company isn't just revamping its app, it's also building an entirely new tech platform. 

"It will underpin everything we're doing in marketing and across our products, really with the idea of developing more data-driven personalization, which is going to address the pain points we see with consumers," the SiriusXM CEO said. 

See Also: Spotify Takes Aim At Low-Earning Tracks With New 1,000-Stream Minimum

SiriusXM has 34 million subscribers across its business, but the new changes are aimed at attracting the next generation consumer by simplifying the discovery process and improving user-friendliness. 

"If you are listening in the car, to say CNBC, and you get out and you want to continue listening, it'll move seamlessly to your mobile app and then into your connected devices in the home," Witz said. 

SiriusXM also announced plans to expand distribution agreements with auto manufacturers and key industry players to help attract new subscribers. 

Witz told CNBC she expects the revamped platform to enhance the listening experience and improve engagement overall, which should ultimately lead to better customer retention.

SIRI Price Action: SiriusXM shares are down approximately 17% year-to-date. The stock was up 3.21% at $4.83 at the time of publication, according to Benzinga Pro.