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To: Stephen B. Temple who wrote (577)	12/31/1999 1:23:00 AM
From: george willse	Read Replies (1) \| Respond to of 609

Part of an article about NetRadio and its IPO - terrible but important lessons to learn in this current IPO climate: ========================= Incredibly frustrated. Those two words probably best describe the feelings of NetRadio (NETR) CEO Ed Tomechko this year. Who can blame him? While the online music and streaming media space has caught fire in the past 18 months, NetRadio has been relegated to the sidelines in the market's frenzy to scoop up online music stocks. While MP3.com (MPPP) still boasts a market cap of over $2 billion, and eMusic (EMUS) now sports a valuation of over $330 million, NetRadio's $90 million market cap registers as barely a blip on the current dot-com valuation scale. In addition, NetRadio's current stagnant share price speaks volumes about the importance of Internet companies having top-tier underwriters and marquee venture investors involved with their IPOs. NetRadio had neither, and is now paying the price. This goes to show that perception often does become reality in this current "fast money" market environment. Having the right pixie dust sprinkled upon an offering has become increasingly as important as analyzing the company's underlying business model. Now, do I agree with this superficial dot-com analysis, and is the market's treatment of NetRadio really fair? Probably not. While revenue was only a paltry $780,000 for the first nine months of this year, NetRadio now attracts over one million unique listeners to its site each month. More importantly, the average user now spends two hours at NetRadio per visit. In other words, loyalty to NetRadio certainly exists; it's the drastic ramping of real revenue around this user base that must now shift into overdrive.