Merger completed with MelodyVR, today Napster offered the first half-year figures for the combined company.
It reported revenues of £32.9m (around $44.2m) for the first half of 2021, although £24.6m cost of sales and £22.1m of administrative expenses helped to ensure that the company recorded an operating loss of £13.8m, and a net loss of £15.5m.
Year-on-year revenue comparisons aren’t that useful since the year-ago period was just MelodyVR, with £189.9k of revenues in the first half of 2020.
For Napster’s revenues, we have to go back to its previous majority owner, RealNetworks, which reported last year that Napster generated $49.6m of revenues in the first half of 2020, while recording an operating loss of $2.3m.
So, while CEO Anthony Matchett announced that “we have seen our monthly global streams increase by 18% per user” in the first half of 2021, the company appears to have work to do to tip Napster’s revenues back into growth.
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