The Orchard reveals Q3 financials, views on digital music market

Yesterday, indie digital distributor The Orchard announced its third-quarter financial results, revealing a net loss of $59,000 (down from $3 million in Q3 last year), with revenues more than doubling year-on-year from $6.7 million to $14.6 million.You can read a full transcript of the company's analyst conference call here, but we've filleted out some of the key stats and quotes from CEO Greg Scholl:- iTunes is still the company's biggest source of revenues, followed by eMusic and then Verizon. That's the same as Q2.- At the end of Q3, The Orchard had $3.5 million of cash, cash equivalents and marketable securities, with no debt.- Paid downloads rose 133% year-on-year to around 12 million in Q3. 61% of those tracks were downloaded at least once during the quarter, and the average number of downloads per track was 16. Meanwhile, paid streams totalled 42 million in the quarter (up 53%), with nearly 75% of the tracks being streamed at least once. However, paid downloads are still 62% of The Orchard's revenue, while streams are only 7%.- Scholl said that the US digital music market was up around 30% in Q3 year-on-year in terms of sales. Even when you strip out The Orchard's [...]