ALERT for NKTI. Remember that CDNW is merging with NTKI in March '99:
N2K sees q4 online music revenue a hit
NEW YORK, Jan 19 (Reuters) - Online music company N2K
Inc. on Tuesday said it expects fourth-quarter revenue for its
Music Boulevard Network unit to increase 325 percent, to $17
million from $4 million, the same period a year ago.
The company expects to report final results for the fourth quarter and year ending Dec. 31 1998, during the first week of February.
Strong holiday sales, which increased threefold compared to the same period a year ago, helped fuel Music Boulevard's fourth-quarter rise, the company said.
Revenue from continuing operations on the Music Boulevard Network for the year is expected to increase five fold to $42 million from $8.1 million reported in 1997, the company said.
In December, the board authorized the transfer and assignment of certain assets of the N2K Encoded Music operation. As a result, this part of the business will be accounted for as a discontinued operation. Revenue from discontinued operations, N2K Encoded Music, for the fourth quarter is expected to be about $1 million versus $800,000 in the prior year.
About 51 percent of fourth-quarter revenues came from existing customers, the company said. N2K said it added 603,000 new customers in 1998.
Joe PTG&LI !!! |
