Loudeye Corp.’s fourth-quarter net loss more than tripled to $5.5 million, or seven cents per share, on a year-over-year basis, the company reported yesterday (March 2).
Revenues for the Seattle-based digital music services specialist jumped 124% to $6.5 million. Half of the company’s revenues for the quarter came from its digital music store.
Loudeye, through its Eurpoean unit OD2, powers digital music stores for MTV and others in the U.K., France, Germany, Italy, the Netherlands, Spain and Italy. The company says its gross margin on sales of digital tracks is 8 cents-15 cents per download.
Loudeye says its has signed “a multi-year, multimillion-dollar agreement” to power a digital music service for an unnamed “leading national physical retailer,” starting this fall.
The company — which announced at the beginning of February the departure of CEO Jeff Cavins and the hiring of new chief executive Michael Brochu — also recently unveiled a deal with Nokia to power a music store that it will offer to mobile phone service operators in more than 30 countries.
Shares in Loudeye fell 11 cents to $1.64 ahead of the announcement, which was made after the close of the stock market. This morning, they were trading up 28 cents at $1.92.
