The latest financial filings from Napster proves that music streaming - at least, the all paid variety - can be profitable. From 2017 to 2018, Napster moved from a net loss of $13.1 million to a net profit of $10.3 million.
But parent company RealNetworks still warned that “for Napster to meet its future liquidity needs... (it) will need additional financing to fund its operations and growth”. Read the full SEC filing here.
Napster also announced that it had partnered with Univision for the U.S. Hispanic media powerhouse's music, radio and podcast app Uforia. "Powered by Napster," the streamer's b2b offering, also powers iHeart's premium music service.
"Our joint collaboration with Uforia will deepen and expand Powered by Napster into the rapidly growing Hispanic market and the top streamed artists in the US,” said Angel Gambino, chief commercial officer of Napster and Rhapsody International.