Napster posts a bigger quarterly loss

Napster posts a bigger quarterly loss

Digital media store Napster has come out with their latest revenue report and the company has posted a bigger quarterly loss.

The company stated that their number of its paid subscribers declined. They also predicted a rather flat revenue growth for the current quarter.

Napster is one of the several rivals to the Apple iTunes service which sell music online.

The company stated that their fiscal first-quarter net loss grew to $4.38 million. The revenues were down to $30.3 million from $32.3 million a year ago in the same period.

The number of paying subscribers to their services fell down to 708,000 at the end of June from 760,000 at the end of March.