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Nothing, "XM" is a play on "AM" and "FM", with the A or F replaced with X to imply that it is better (eXtra or eXciting ... or eXpensive :) ). I suppose you could backronym it to "eXtraterrestrial modulation," since it's transmitted direct from satellites, but that phrase doesn't make any sense. - Keith D. Tyler¶ 09:09, 21 December 2017 (UTC)[reply]