Famed music site begins selling MP3 downloads
Napster, still struggling to find a toehold in the legal digital music biz, narrowed its fiscal fourth quarter loss to $4.3 million from $8.5 million during the year-ago period.Netco’s revenue rose 6% to $30.8 million from a slight gain in paid subs to 760,000. Napster began selling unprotected MP3 downloads on Tuesday in a bid for the market dominated by iTunes. However, its core biz is its monthly subscription service. Netco also narrowed its loss for the fiscal year to $16.5 million, an improvement over the $36.8 million loss posted the year before. Revenue climbed 15 percent to $127.5 million for the fiscal year. Napster’s MP3 store offers 6 million DRM-free tracks for 99 cents each. All single-track and album downloads can be copied onto mobile phones. Company’s results were released after markets closed.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!