Revenues rose 9% to $29.1 million
Napster ended its fourth quarter on an upswing, as revenues at the online music subscription service rose 9% to $29.1 million.Losses during the March quarter narrowed by $1.3 million to $8.5 million. Napster also gained in its full fiscal year, as revenue increased 17% to $111.1 million and the company narrowed its loss to $36.8 million from $54.9 million the previous year. Improved performance comes as Napster announced a deal to become Motorola’s exclusive music partner for its phones. It’s also recently brokered deals with NTT DoCoMo, Japan’s largest wireless carrier; Circuit City; and AT&T. By the end of March, Napster had 830,000 paying subscribers worldwide, including AOL Music Now subs. It has seen those numbers grow 37% during the past year. It ended its fiscal year with $66.5 million in cash and investments.
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