... Altogether, the two satellite broadcasters have signed content agreements that will eventually cost them more than $2 billion. That's put a solid dent in each company's bottom line. In its fiscal 2004, which ended in December, Sirius' total operating expenses, including marketing and equipment costs, jumped 65% to $745 million. XM's operating expenses grew 29% over the same period, to $705 million. ¶ Those investments do seem to be drawing in customers. In the fourth quarter, Sirius reported a year-over-year 332% jump in net subscribers, while XM, the larger of the two, recorded subscriber growth of 66%. Revenues are up, too; in 2004, Sirius' revenue rose 419% to $67 million, while XM's revenue grew 166% to $244 million. XM now says it expects to break even on a cash flow basis in 2006. That might sound aggressive, given the $651 million XM lost in 2004. Sirius lost $712 million in the same period. ... Link: Forbes.com.