Summary:

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…

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
Audible Could Be Takeover Target: Analyst
10-K Watch: Audible’s Deal With Apple & Sales Through iTunes

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