Earnings: Napster Reports Net Loss Of $17 Million For Last Quarter; Added 66,000 Premium Subs

Work in progress. Napster’s premium sub base is up 110 percent year over year with the net addition of roughly 66,000 premium subs in its FY3Q06; as the company announced last month, it has more than 500,000 premium subscribers. Subscription revenues represent approximately 86 percent of the company’s music revenue. Still, Napster continues to lose money, reporting a $17 million net loss, or 40 cents per share, for the quarter compared to earnings of $12.7 million, or 36 cents per share, in the same quarter last year. Net revenue from continuing operations was $23.4 million, up 94 percent over the previous year and up slightly from the previous quarter.

— Plans for ad-supported music service Napster.com continue. More after I hear the analysts’ call.
Earnings release | Webcast (5 p.m. Eastern)

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