Napster Music Download & Search Now On Nasdaq
Napster, Inc. the biggest brand in digital music, today reiterated its guidance for the third quarter ended December 31, 2004 and is set to begin trading on Nasdaq under its new ticker “NAPS” after opening the exchange in a ceremony at the Nasdaq MarketSite in Times Square. Based on subscriber acquisition initiatives and strong holiday sales, Napster expects to achieve strong revenue growth in the third quarter of fiscal 2005 and reiterated its guidance for revenues of approximately $11 million.
Napster was a revolutionary product ahead of its time which created some initial bad blood among the record industry and trial lawyers. After practically gave birth to the p2p industry Napster has gone legal with one of the largest and best branded pay per music download services on the net. Partnerships with Yahoo and the 7-11 Big Gulp have helped to legitimize the name in the public eye.
“Napster created the first on-line music service, the first combination subscription and download service and the first portable subscription service. We are proud today to continue Napster’s tradition of innovation by becoming the first pure-play public digital music company in the nation,” stated Chris Gorog, Chairman and Chief Executive Officer. “With analysts projecting multi-billion dollar sales for this sector, we are very confident in Napster’s strategic position and are very excited about our future.”
Napster completed the successful sale of its Roxio consumer software division to Sonic Solutions on December 17, 2004. With the cash and stock proceeds of that sale, Napster closed the calendar year with a net balance of cash and investments, including its shares in Sonic Solutions, of more than $130 million.
