XM Chief: "Paranoia" Driving Industry Objections to New Technology

Authored by Mark Hefflinger on June 23, 2006 - 1:01pm.

McLean, Va. - Hugh Panero, the president and CEO of XM Satellite Radio, told a crowd at Friday's Digital Media Conference, hosted by Digital Media Wire in McLean, Va., that his company's current battle with the recording industry over new radio features that allow subscribers to digitally store and replay content are unfounded. "As long as there are entrepreneurs trying to find new ways to make consumers happy, there have been people… who try to stifle change," said Panero, a veteran of the cable industry. "This is just a normal cycle that occurs following an attack of paranoia." Panero said that his company, which now boasts more than 6.5 million subscribers, has given a healthy boost to the industry, particularly artists who wouldn't otherwise have a forum for their work. Panero said that XM is currently negotiating with the major record labels to resolve industry concerns. "While I can't comment on the specifics, we've put very meaningful deals on the table. Our goal is to find a business solution to what's become a business issue."

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