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Napster Considers Sale as Subscriber Base Declines
Thursday, August 3rd, 2006 at 3:00 PM - by Jeff Gamet
The online music subscription service, Napster, is suffering from a declining subscription base, and isn't ruling out the possibility of selling the company off. According to Reuters, CEO Chris Gorog said that the company doesn't have its "head in the sand" in relation to the possibility of a merger or acquisition.
Mr. Gorog commented in an analyst conference call "We will always carefully weigh any valuation alternative against the opportunity and risk associated with continuing as a stand-alone company."
In an effort to boost subscriptions, the company started a free streaming music service. It is still maintaining its subscription-based service as well. Mr. Gorog says the new free site should help to bring in new paid subscribers.
Napster reported a net loss of US$9.8 million for the first quarter. For the same quarter last year, it reported a $19.9 million loss.
Kit Spring, an analyst for Stifel Nicolaus & Co Inc. said "Napster's still trying to find a working business model, which is bad from an operating standpoint. But we see an increased likelihood the company will consider a sale, especially since management mentioned it on the call."
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