Tuesday, October 21st14.5°C
23836
23671

Rhapsody grows to 1.7 million paying subscribers, boosted by Telefonica deal

LOS ANGELES, Calif. - Music subscription service Rhapsody International says its paying subscribers have grown 63 per cent to 1.7 million over the past year.

The gains came primarily from partnerships with mobile phone carriers abroad, according to Chief Financial Officer Ethan Rudin.

Rhapsody got a boost from an October deal with the Spanish telecoms giant Telefonica that transferred hundreds of thousands of Latin American subscribers from another service. In exchange for Rhapsody running the service under its Napster brand, Telefonica took an undisclosed stake in Rhapsody that could grow if performance targets are met.

Such partnerships are the preferred way for Rhapsody to enter new markets, said Rudin. Typically, such partnerships last for two to three years and can be renewed with Rhapsody getting a better share of revenue on subsequent deals, he said. The company now operates in 32 countries.

Rhapsody remains far behind Spotify, the world leader with more than 6 million paying subscribers.

The Canadian Press


Read more Business News

21297


Recent Trending




Today's Market
S&P TSX14546.35+208.58
S&P CDNX822.4611.11
DJIA16595.54195.87
Nasdaq4413.075+97.00
S&P 5001939.35+35.34
CDN Dollar0.8908+0.0049
Gold1248.20+3.50
Oil82.07+0.69
Lumber329.40-1.50
Natural Gas3.715+0.045

 
Okanagan Companies
Pacific Safety0.100.00
Knighthawk0.01-0.005
QHR Technologies Inc1.15+0.03
Cantex0.055-0.025
Anavex Life Sciences0.1995+0.0085
Metalex Ventures0.045-0.005
Russel Metals33.08+0.80
Copper Mountain Mining2.16+0.17
Colorado Resources0.150.00
ReliaBrand Inc0.012+0.0009
Sunrise Resources Ltd0.060.00
Mission Ready Services0.465+0.015

 



22970

FEATURED Property
1538771515 Beaver Lake Road
3 bedrooms 2 baths
$151,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23803




Member of BC Press Council


22496