Written by: Roshan Dwivedi
Online music streaming service Napster has recorded a net profit of $4.4 million and $2.1 million respectively in the first two quarters of 2018. The number surprises all as Napster has managed to score a handsome profit despite a steep 28% drop in revenue while other leading music streaming platforms are incurring a loss for a while.
RealNetworks which owns a 42% stake in Rhapsody(which owns Napster)launched the latter as a joint venture with MTV Networks in 2007 before spinning it off as an independent company in 2010. It may be noted here that RealNetwork publishes quarterly financial metrics for the streaming service owing to its stake, but does not publish any metrics for Napster’s subscribers.