Did you hear that sigh of relief? An important moment for Audible as the company announces the extension of its exclusive deal with Apple’s iTunes Music Store; iTunes was responsible for 22 percent of Audible’s revenue in 2Q06. Audible will continue to make 105,000-plus hours of audiobooks and other spoken word content available through iTunes. The relationship dates back to Oct. 2003 and would have expired Sept. 2007; the extension runs through Sept. 2010. Audible titles are available through 21 iTunes outlets.
Eddy Cue, VP-iTunes: “Audible’s audiobooks have been extremely popular with iTunes customers and consistent best sellers.” Release.
TheStreet.com: George Mihalos, analyst, Gilford Securities: “That agreement is extremely important to Audible. … If this deal was not extended, at some point it would have been a very big negative for the shares. It’s nice to see them get [the deal] done sooner.”
Related: Earnings: Audible’s Q2 In Losses; Revs Up 25 Percent; Facebook Deal
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