Napster put themselves back on track
Thursday, May 18, 2006
Napster finances are getting back on track as the download service has posted it's earnings the year ending March 31st. Revenue reached $94.7 million, over double of the $46.7 million recorded last year. Subscribers are also increased to 606,000 up from 200k from 2005.
But and it is a big but spend has also doubled -$54.9 million for the fiscal year, a significant drop from -$29.5 million the year earlier.
The company reported a stockpile of $104.2 million in cash and cash equivalents.
That gives them about two years left at the current spend with simpleton maths?