Sirius XM iPhone app tops 1m downloads

The company only released the application in mid-June, meaning those million users have been signed up in just two weeks.

It's good news for Sirius XM, which has been dogged by speculation about its financial health for months. Although the app is free, it requires a paid subscription to Sirius XM to work.

"Reaching more than one million downloads so quickly is a strong testament to our world-class programming and Sirius XM's instant brand recognition," says president Scott Greenstein.

The app offers 120 channels from Sirius' satellite service, including shows helmed by Jamie Foxx, Bob Dylan and Tom Petty.

Its success is the latest example of the popularity of streaming music on the iPhone, and will be encouraging news for Spotify, whose iPhone app is still in development.