Sales, Losses Jump at Audiohighway.com
Jim Milliot -- 5/1/00
Total revenues at audiohighway.com rose to just over $2 million in 1999, compared to sales of $139,000 in 1998, the company disclosed in its 10-k filing with the SEC. The net loss in the year was $12.7 million, compared to $5.9 million in 1998. Audiohighway, which began operations in November 1997 as an online retailer of prerecorded audio content, had an accumulated deficit of approximately $25.2 million at the end of 1999. The jump in revenues in 1999 was due mainly to sales of CDs via its site; e-commerce revenues were $1.6 million last year, compared to only $6,000 in the prior year. Advertising revenues rose 245%, to $459,000. During 1999 the company spent $6.3 million on sales and marketing, as audiohighway heavily promoted its brand name. The company expects marketing expenses to increase substantially in 2000 as it launches new Web sites and promotes its new and existing sites. Operating and development expenses were $3.8 million last year, while general and administrative costs were $2.6 million. The company had 41 full-time employees as of March 15, 2000. Audiohighways's offerings at the end of 1999 included 2,500 tracks of licensed music, 4,000 audiobook titles, 1,500 tracks of comedy albums and radio shows, and 350 news programs. Back To News---> |
