Napster is reporting $28 million in revenue and adding 48,000 paid subscribers in the 3rdfiscal quarter for 566,000 worldwide including university and Napster Japan customers. Subscribers downloaded 500 million songs and 700 million streams in 2006.
Absent from these early numbers are insights into Napster's progress towards profitability and cash position.
In a statement CEO Chris Gorog said, "Napster has significantly improved its strategic position over the past twelve months, with a global footprint now including the top four music markets in the world and a robust mobile offering spanning multiple geographies and support from global operators including Cingular and DoCoMo."
Napster also announced that it has partnered with Virgin Digital to market Napster to U.S.customers who currently use Virgin's paid music subscription service and net radio. Whether this signals a change in Virgin's own offerings is unclear.
The Napster earnings is at 5:00 p.m. ET on February 8th, To participate call 800-218-0713 or 303-262-2125 or the live webcast at http://investor.napster.com/. A replay will be available for 48 afterwards at 800-405-2236 and password 11080708#.