Napster Q3 revenue is down on-year as company shifts toward B2B

RealNetworks has posted its third-quarter financial results. The company included information about its Napster music streaming subsidiary, which generated quarterly revenue of $27.3 million, down 21.6% from $34.8 million in the year-ago period. The figure includes $13.1 million in B2B revenue and $14.2 million from direct-to-consumer revenue. Chief Financial Officer Cary Baker said declining subscribers were the main reson for the drop in revenue, although higher platform partner revenue helped offset those losses.

RealNetworks assumed majority ownership of Napster and Rhapsody International at the start of 2019. During the year so far, the Powered by Napster business has found deals with MQA, GNT Inc, and Univision.