Not a good quarter for Worldspace, (NSDQ: WRSP) as the satellite radio broadcaster saw a churn of 8717 subscribers in India in Q3 (ending September 30), primarily as a result of reduced marketing. Rapid TV News reports that the company is running out of cash, with a burn rate of around $7 million a month. Revenues were $3.3 million for the quarter, with net losses at $36.7 million. Worldspace CEO Noah Samara appears to be banking on a repeater licence to enable them to provide service to automobiles, and until then, is cutting spends on marketing in India. The company is apparently switching focus from India to markets like France, Germany and Spain for terrestrial services. Other markets include Turkey, the Middle East, China and South Africa. But, as of September 30th, it was down to its last $28 million in cash, and is going to be in need of fresh investment to survive.
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