iMusica registers 413% increase in downloads
Bnamericas Published: Wednesday, March 10, 2004
Brazilian music download portal iMusica saw the number of paid downloads in January and February rise 413% compared to the same two months in 2003, the company said in a statement. The growth is slightly lower than the same period last year, which grew 454% compared to the January-February period in 2002. The company did not give yearly download figures. The robust growth "contradicts the always low expectations [for online music downloads] of the record industry," Rodin Spielmann, investor relations manager at Brazilian holding company Ideiasnet, which controls iMusica. Spielmann said he expects record growth with each new month this year. iMusica reached operating breakeven in September, and expects to record a return on investment in 2004. The company's partners include 60 local record companies and content portals which feature advertising for services. Ideiasnet has invested at least 2mn reais (US$690,000) in iMusica since June 2000.
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