Shares of Sirius XM (NASDAQ:SIRI) jumped 13.3% in November, according to data from S&P Global Market Intelligence. That move sent the satellite radio stock from $5.73 per share to $6.49 during the month.

For context, Sirius XM shares are still down 9% for the year through November, but were down about 38% during the March lows due to the COVID-19 pandemic.

What happened

During November, Sirius XM announced a major push into original and exclusive podcasts. Subscribers now have access to a number of exclusive podcasts from the Marvel universe as well as several other podcasts. These include over 60 original podcasts from Stitcher, which Sirius XM acquired earlier this year, including Conan O'Brien Needs a Friend and Freakonomics Radio.

Another potential driver of Sirius XM shares was the growing consensus that Howard Stern would renew his exclusive agreement with the satellite radio provider. Since the month ended, news broke that Stern did, in fact, renew his agreement with the company.

Finally, the overall stock market had a strong month in November with the S&P 500 index surging 10.8%, primarily due to encouraging news about COVID-19 vaccine safety and efficacy.

Two people listen to music in their convertible.

Image source: Getty Images.

So what

Sirius XM and its Pandora streaming service are investing in podcast content, which has become table stakes for an audio platform. Global audio streaming giant Spotify has invested enormous sums to quickly become the podcast leader, according to one industry estimate.

As for Howard Stern, his multiyear deal was due to expire in December, and he had previously indicated he would retire after that. While it's unknown exactly how many of the company's subscribers do so primarily for Stern's content, there is no doubt he is a significant driver of the company's subscription base.

Now what

While its subscriber growth has slowed over the years, Sirius XM continues to maintain a healthy subscriber base for its core satellite radio service. Sirius XM investors should be thankful Stern has renewed his exclusive agreement.  

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