The Company also announced that it has served hundreds of millions of page views since its late-October launch and has attracted over 1.5 million basic and premium members. Napster, which generates multiple revenue streams from a unique combination of single and album downloads, prepaid download cards, premium subscriptions and the licensing of its popular brand, is expected to generate at least $20 million in music sales in its first year.
“This important milestone is a testament to the quality of the Napster experience and the strength and continuity of our senior management team, which is comprised of nearly all the same music industry professionals that have led the company for years,” said Chris Gorog, Napster’s CEO. “In this competitive market, Napster is defining itself as an immersive experience that enables members to legally explore and access the largest catalog of music available, experience the largest number of features and choose from 60 compatible digital music players, creating a very compelling offering for music fans.”
In addition to individual album and song downloads, Napster is capitalizing on its diverse revenue opportunities. Napster is the only service selected by universities to provide students with easy access to digital music. Its implementation at Pennsylvania State University was the first of its kind and, having recently announced a second licensing agreement with The University of Rochester, Napster is currently in negotiations with a number of other institutions across the country that are interested in participating in this unique program. The Company also plans to expand licensing programs for the Napster brand, which is the most recognized brand in online music according to research by Piper Jaffray. Napster has already announced major partnerships with global companies such as Samsung and Miller Brewing, brought co-branded products to mass retailers like Target and successfully rolled out the prepaid Napster download card to over 26,000 retail locations.
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