“RealNetworks on Wednesday reported a wider net loss and brisk revenue growth compared with the same period a year ago, and announced that the company’s president, Larry Jacobsen, is stepping down,” Evan Hansen reports for CNET News. “The Seattle-based digital media company posted a net loss of $10.4 million, or 6 cents a share, compared with a net loss of $2.8 million, or 2 cents a share, in the first quarter of 2003. Revenues hit $60.4 million, a gain of 29 percent over the 2003 first quarter.”
“RealNetworks last year acquired online music company Listen.com and took over its Rhapsody music subscription service. Real also offers a Net radio service and launched a music download service last year. RealNetworks added 100,000 new music subscribers in the first quarter, for a total of 450,000 music subscribers, the company said. Music revenue grew to $12.3 million, up 55 percent from $7.9 million in the fourth quarter of 2003,” Hansen reports. “RealNetworks’ earnings report came as Apple Computer celebrated the one-year anniversary of its iTunes Music Store, widely seen as the leader in purchased music downloads. Apple said it has sold 70 million downloads since the store opened last year, giving it 70 percent of the commercial music download business. Glaser has for months exorted Apple to open up its proprietary music format to third parties such as RealNetworks. Those pleas have so far been rebuffed, however.”
Full article here.