TORONTO – Digital music distribution company Musicrypt Inc. today announced that its revenues for the first six months of 2005 are expected to exceed all of 2004.
The company’s billings have increased for seven consecutive quarters, with revenue for the first quarter of 2005 being 33% greater than for the fourth quarter of 2004.
“This very encouraging pattern of revenue growth is affirmation of our business model. This growth is being driven by the increased use of DMDS by our major label customers and its’ rapid adoption by the independent music sector”, said John Heaven, president and CEO of Musicrypt, in a statement. “Musicrypt is not only the technological and commercial delivery leader in its industry, but is also the revenue leader.”
RDR Music Group launched its service of providing DMDS to the indie music sector at Canadian Music Week in Toronto on March 3, 2005. RDR delivered its 100th release to radio on Thursday June 23rd.
“We are just beginning to scratch the surface of the Indie market in this country”, said Joe Wood, President of RDR Music in the press release. “I expect within the next few months to see the volume increase to at least 100 new independent releases per month with significant growth beyond that.”
Musicrypt’s Digital Media Distribution System (DMDS) has quickly become the leading digital music distribution system in North America, having delivered over 1,000 tracks to over 400,000 destinations. Musicrypt is partnered with Billboard Radio Monitor and endorsed by Clear Channel Radio, the largest radio broadcaster in the United States, as well as XM Satellite Radio.
