Rhapsody’s Q1 loss spikes to almost $9 million

Rhapsody canvas 160Rhapsody posted a first-quarter net loss of $8.9 million, compared with a loss of $1.6 million in the year-ago period. Quarterly revenue totaled $46.3 million, up from $42 million in 2014. The SEC filing made by parent company RealNetworks, which detailed Rhapsody’s financials, did not give a reason for the higher loss during the quarter.

Hot on the heels of these financial announcements, Rhapsody received $10 million in loans from RealNetworks and another investor in the streaming service. Each also provided guaranties of $5 million to Rhapsody’s secured lender.

Anna Washenko