MusicMatch Turns Corner; Names New President
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Former eNow executive Peter Csathy has been named president of subscription-based digital music play MusicMatch at a time when the company's operations has turned cash-flow positive.
MusicMatch, which markets a Jukebox software that allows the recording of digital music in addition to a fee-based streaming music product, said Csathy joins as president and COO to concentrate primarily on business development, sales, legal and finance activities.
The company, which competes directly with the big record labels in the streaming media space, said Csathy's appointment is part of its plan to strengthen a media strategy to push subscriptions for its software and streaming music services and advertising sales.
"MusicMatch attained cash-flow positive status through a combination of a constant focus on the needs of music lovers, strong and diversified revenue-generating activities and innovative streaming delivery processes to strategically maximize operating efficiencies. Obtaining revenue from music subscriptions, software sales and advertising, MusicMatch has developed a successful business model while providing music lovers with award-winning music software and services," the company said in a statement.
The hiring of Csathy, a former executive of eNow, appears to fit into MusicMatch's plans to bump its subscription base. As chief operating officer of eNow, Csathy was credited with the overall operations and execution of the subscription-based, real-time content aggregation and distribution.
Before that, Csathy was a senior VP at Universal Studios, where he was responsible for negotiating international and domestic new business opportunities, strategic initiatives, corporate partnerships, acquisitions and joint ventures for the Recreation Group.
MusicMatch said its Radio MX service has signed up more than 120,000 subscribers since its launch a year ago. The fee-based service, which lets listeners personalize playlists and promises to eliminate advertising, interruptions or buffering, costs $4.95 per month, or $49.99 per year.
The five-year-old company, which maintains headquarters in San Diego, Calif., said it has registered more than 25 million users of its Jukebox software program, which lets users play rip, burn and organize music files in a single program.