TORONTO – Revenues at digital media distribution company Musicrypt Inc. increased 40% to $122,809 in the first quarter ended March 31, 2007 compared with the same period a year earlier. Despite bringing in more money, the company still had a net loss of $528,693, according to financial results issued Wednesday. The company posted a net loss of $530,115 in the first quarter of 2006.
The company made inroads in the U.S. market in the first quarter, with its Digital Media Distribution System (DMDS) deliveries in the United States reaching 271,000, which is seven times more than the same quarter of 2006, according to the company. DMDS is a business-to-business, web-based delivery system for the music industry.
“This continued rapid revenue growth is very encouraging to see, especially in the post holiday and March break period when music promotion activity is traditionally slow,” said Musicrypt president and CEO John Heaven.
