Archives

Date

Report: Decline in Average Price for CDs is Accelerating

Authored by Mark Hefflinger on June 3, 2004 - 3:20pm.
Port Washington, N.Y. -- A recent decline in the average price consumers pay for CD albums appears to be accelerating, reaching a new low of $13.29 in the first quarter of 2004, according to data from New York-based market research firm NPD Group. The price point dropped nearly 4% from the average CD price in the first quarter of 2003, while in the previous year the average price dropped only 2.5%. In 2002, the average price was $13.90. The report noted that titles 18-months old or older now cost on average $12.99, and also that prices at mass merchandisers like Wal-Mart and Target fell by 5% over the past year. "The recording industry has had to deal with a changing market over the past few years, which was fueled in part by file-sharing," said NPD Music president Russ Crupnick. "Everyone also recognizes the increasing competition for entertainment dollars, as DVDs and video games are growing at double digit rates. Record labels are diligently trying to respond to consumer feedback about high CD prices, and to the relative value of music."
tags: Reports | CDs | Decline | Price | Accelerating |

Viacom Loses Second Top Executive In a Week

Authored by Mark Hefflinger on June 3, 2004 - 3:19pm.
New York -- Media conglomerate Viacom, which owns CBS, MTV Networks and Paramount Pictures, announced on Thursday the second departure of a top executive this week, as Jonathan Dolgen, chairman of Viacom Entertainment Group, said he will leave the company in July. Earlier this week, Viacom CEO Mel Karmazin announced his resignation, with chairman Sumner Redstone saying he will also leave within three years. Dolgen was responsible for overseeing Viacom's Paramount Pictures, Paramount TV, Simon & Schuster, Famous Players and Paramount Parks divisions. "Due to the recently announced changes in Viacom's management structure, the time was right for me to step aside," said Dolgen. "It has been a privilege to work with Sumner Redstone for more than a decade and to have participated in the growth and success of Viacom."
tags: Viacom | Loses | Second Top Executive |

Friendster Names Former NBC President as New CEO

Authored by Mark Hefflinger on June 3, 2004 - 3:17pm.
Mountain View, Calif. -- Friendster, a social networking site with over seven million members, announced on Thursday that it has named former NBC Entertainment president Scott Sassa as its new CEO. Former CEO and company founder Jonathan Abrams will remain company chairman. Sassa served as president of NBC for the past three years, and also helped launch seven networks within Turner Entertainment Group, including TNT and Cartoon Network. "Over the past several months, Friendster has been building the foundation for a strong advertising model, and we believe Scott will be instrumental in helping the company develop a great business," said Tim Koogle, former CEO of Yahoo and Friendster board member and investor.
tags: Friendster | New CEO | Former NBC President |

EDGAR Online Raises $5.5 Million in Public Offering

Authored by Mark Hefflinger on June 3, 2004 - 3:16pm.
Norwalk, Conn. -- EDGAR Online, a provider of online financial information on public companies, has completed a public offering of stock, raising a total of about $5.5 million. The offering was priced at $2 a unit, each unit consisting of two shares of common stock and one warrant to purchase common stock. EDGAR makes financial information and a variety of analysis tools available through online subscriptions and licensing agreements to professionals in financial institutions, corporations and law firms.
tags: VC | EDGAR Online | Public Offering |

Microsoft Cancels Anticipated Japanese Xbox Title

Authored by Mark Hefflinger on June 3, 2004 - 3:13pm.
Tokyo -- Microsoft said on Thursday that it is shelving "True Fantasy Live Online," an anticipated massively multiplayer online roleplaying game that the company thought would spur sluggish Xbox sales in Japan, Reuters reported. Microsoft has still only sold 500,000 consoles in Japan, compared with 15 million PlayStation 2 consoles and 3.2 million GameCubes, according to Japanese gamer magazine Enterbrain. Microsoft terminated development on "True Fantasy" after several launch delays and over three years of development by Level 5. "This is very disappointing, but we couldn't go through with another delay in the launch date," a Microsoft spokeswoman told Reuters.
tags: Microsoft | Cancels | Japanese Xbox Title |