N2K Ups Revenues, Traffic
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Internet music retailer N2K Inc. today reported financial results for the first quarter of the year, citing a six-fold increase over 1Q results for 1997, and a 63% surge in page views during the same period.
N2K reported revenues of $7,031,000 for the quarter ended March 31, 1998, compared to $1,116,000 reported for first quarter of 1997. Net loss for the quarter also increased substantially, however, totaling $13,704,000 or $1.13 per share, compared to a net loss of $4,518,000, or $1.55 per share, reported for first quarter of 1997.
First quarter page views on N2K's music channel reportedly increased 63% to 80.2 million from 49.1 million in the fourth quarter of 1997, and 16.8 million in the first quarter of 1997.
N2K, which operates Music Boulevard, has made efforts recently to raise its profile internationally. Yesterday the company announced an exclusive alliance with AOL Europe, the joint venture between America Online and Germany's Bertelsmann AG.
"This has been an important and eventful first quarter for N2K," said Larry Rosen, chairman and CEO of N2K. "The first quarter increase in revenues and page views reflects the further integration of our services with Music Boulevard distribution partners and the continued strengthening of our brand."
"The Music Boulevard Network now encompasses an unsurpassed international infrastructure that will enable us to provide the global online consumer with the highest quality music entertainment and shopping experience."
N2K completed a secondary offering of 3,125,722 shares of common stock last week, and announced the formation of the Music Boulevard Network Division.