Audible, Inc. Announces New Investment From Microsoft; $10 Million Investment to Further Joint Development of Spoken-Word Audio Technologies
BusinessWire, 02/9/2001 07:18
WAYNE, N.J.--(BUSINESS WIRE)--Feb. 9, 2001--
Conference Call with Analysts at 12noon Eastern, Friday Feb. 9 to be Streamed from Audible.com Investor Relations Site
Audible Inc. (NASDAQ:ADBL) today announced that Microsoft Corp. has agreed to increase its stake in the company with a $10 million investment. The leading provider of Internet-delivered spoken audio (www.audible.com(TM)) for PC-based listening or mobile playback on AudibleReady(TM) portable digital audio players, Audible(TM) announced a previous investment from Microsoft in 1999.
Microsoft's new investment will support Audible's efforts to extend its spoken-audio content and technology to new audiences including wireless customers, using Microsoft platforms such as Windows Media technologies. The companies also intend to work together to co-market Audible's audio services to consumers and corporate customers.
"Audible has a tremendous library of spoken-word content and valuable technology, and Microsoft believes in the long-term strength of its business," said Dick Brass, vice president of technology development at Microsoft. "Spoken-word content is a key growth area for the development of digital media commerce, and we share Audible's vision of a future in which the information and entertainment economy is fundamentally based on digital delivery."
"This deepening of our long-standing strategic relationship with Microsoft underscores Audible's commitment to Microsoft technologies," added Donald Katz, founder and chairman of Audible, Inc. "This investment and the joint development and co-marketing efforts it will support are sure to have a favorable impact on our single-minded drive toward profitability."
About Audible, Inc.:
Audible(R)(www.audible.com) is the Internet's largest, most diverse provider of premium spoken audio services for content download or playback on personal computers or AudibleReady(TM) mobile devices. Audible has more than 28,000 hours of audio programs and 160 content partners that include leading audiobook publishers, broadcasters, magazine and newspaper publishers and business information providers. Audible.com is Amazon.com's (www.amazon.com) exclusive provider of spoken word products for downloading or streaming via the Web. Additionally, the Company is strategically aligned with Random House, Inc., to pioneer the first-ever imprint to produce spoken word content specifically suited for digital distribution, Random House Audible. Among the Company's key business partners are Casio Inc., Compaq Computer Corporation, SONICblue Incorporated's Rio Audio Group, Microsoft Corporation, Royal Philips Electronics, RealNetworks, Inc., Texas Instruments and VoiceAge Corp.
Audible is a registered trademark of Audible, Inc.; AudibleReady and www.audible.com are trademarks of Audible, Inc.
This press release contains information that is not historical fact and may be deemed to contain forward-looking statements. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, Audible's limited operating history, history of losses, uncertain market for its services, and its inability to license or produce compelling audio content and other risks and uncertainties detailed in the company's Securities and Exchange Commission filings.
CONTACT: Audible, Inc.
Daniel Scheffey, 973/837-2784
dscheffey@audible.com
Jonathan Korzen, 973/837-2718
jkorzen@audible.com
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