Sirius XM Radio is now officially financially strapped of funds, it now plans to introduce a streaming application for the iPhone and iPod Touch by next quarter. Sirius XM hopes to give existing customers a new way to access their stations, but, more importantly, the move is designed to target new customers, which the company desperately needs. The problem is, though, iPhone and iPod Touch customers already have a number of free music choices. Why pay Sirius XM? The company's current monthly charges range from $7 for an a la carte choice of stations to $20 for all channels from both Sirius and XM. If Sirius XM maintains those rates, it may find customers from the iTunes store hard to find, since a number of free music services, such as Pandora, already dominate the online entertainment market.

Sirius XM Radio said that they are looking at new avenues to generate revenues in these tough times. The application for the iPhone would also be available to the owners of Apple's iPod Touch.

[Yahoo]