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Napster: Companies
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Napster completed the sale of its Roxio consumer software division to Sonic Solutions on December 17, 2004. The financial results of the Software Division are now presented as "Income from Discontinued Operations" in the Company's statement of operations. Net revenue from continuing operations (Napster) for the third quarter of fiscal 2005 grew 30% to $12.1 million from $9.3 million in the immediately preceding quarter. Net loss from continuing operations was $16.4 million, or $0.47 per basic and diluted share, compared to a net loss from continuing operations of $16.9 million or $0.49 per basic and diluted share in the second quarter of fiscal 2005.
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Napster executives have claimed that the company is not responsible for copyright infringement because no music files rest on or pass through Napster's servers. Under the DMCA's ISP exemption, Napster would be off the hook -- proving, essentially, that Napster merely provides the pipes, while the individual customers are the naughty ones exchanging illegal music.
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Napster will likely have to pull the plug on its music sharing service as it exists today. Down the road, the service could ... have to pay billions of dollars in damages to the record companies — as much as $150,000 per violation, analysts said — which would crush the company entirely unless it could finagle agreements with the labels.
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As gig 4,632 on its comeback world tour, Napster hit Japan late last night when the company opened the first subscription music download service ever seen by those under-privileged Japanese people. more
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The lawsuit against Napster has yet to go to trial. But the Internet phenomenon the company ignited continues with Napster clones proliferating and consumer groups, technology companies and the entertainment industry engaged in a series of legal and political battles.
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That summer, John Fanning began to raise Napster's first round of funding. The first person he brought in was his friend and mentor, Yosi Amram, a Harvard University MBA who had run product marketing for a small database company. John sold the first ''A'' round of Napster equity at 10 cents a share. By summer's end, he had raised enough money to fund Napster for six more months. Amram kicked in $250,000 and brought in fellow tech entrepreneur Bill Bales, who invested $100,000 and became Napster's first hire as vice-president for business development.
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