Identifying Performance Obligations and Timing Revenue Recognition

Sirius XM Holdings Inc. sells a dash-top satellite radio receiver and one-year subscription for a total price of $80. By purchasing this deal, the subscriber is entitled to receive hardware (i.e. the radio), a software update that is automatically downloaded every second month to the radio, and continuous music service for one year from the date the hardware is delivered.

Identify the performance obligation(s) in this contract, and indicte whether the revenue should be recognized at a point in time ("when") or over time ("as") for each identified performance obligation.