Napster reports improved revenues
4 August 2005
Online music downloads site Napster has reported net first quarter losses of $19.9 million (£11.2 million), but saw its revenues soar over the same period by 167 per cent to $21 million.
The firm has also announced that it had agreed a new joint venture with Tower Records Japan to unveil its service there.
The download website said the number of Napster paid subscribers, excluding university subscribers on summer break, grew by 13 per cent quarter-on-quarter during the three months ending June 30th 2005.
Napster's losses were lower than analysts had predicted and the company has predicted that revenues will grow to around $22 million in the second quarter of the year, with prospects improving throughout 2005.
"We look forward to announcing a number of new strategic initiatives later this calendar year designed to create new revenue streams, improve margins and accelerate our path to profitability," said Napster chairman and CEO Chris Gorog.
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