Will Apple's iPhone Save Sirius XM? No. (AAPL, SIRI)

Will hopping on Apple's (AAPL) iPhone help Sirius XM (SIRI) deal with slowing growth and competition from other digital music devices? No.

In a note today, Citigroup analyst Tony Wible notes that an app could be on the way that brings Sirius content to Apple's iPhone.

Wible is excited about the idea. "While Apple is generally perceived as a competitor to satellite radio, the streaming application underscores that it may complement and help satellite radio," Wible says. He notes that the new application would:

• Eliminate Sirius's costs of physical radios.


• Help attract new subscribers at a lower cost (though with a higher royalty rate for Internet streaming vs. satellite streaming).


• Likely improve the ability for Sirius subscribers to purchase tracks from Apple's iTunes store.

Sounds nice, but we don't think it's a big deal. Why not?

• The iPhone -- and any cellphone -- is