Satellite Radio Stocks

I've got a friend who watches the stock market and after talking to him about technology stocks, it occurred to me how poorly the two satellite radio stocks have done. For what's called the next big thing in radio, the stock prices have been pretty low, especially Sirius. Maybe it's not a big deal in terms of ultimate success and acceptance of satellite radio, but it is odd. Would several million more subscribers for each service equal higher stock prices? Or a merger?