At Audible Inc., sales of consumer content, driven by higher subscriptions to the Audible Listener service, jumped 115% in the third quarter ended September 30, to just over $3 million. Content sales, which is now the company's focus, accounted for 91% of Audible's total revenue of $3.3 million in the period. The net loss in the period was cut to $4.5 million from $5.9 million.
Company chairman Don Katz was pleased with Audible's financial performance and encouraged by the number of deals Audible made in the period with other companies to carry and/or promote its digital spoken-word audio titles. The new partnerships are all part of Audible's efforts to increase consumer awareness about the format, Katz said. Audible now has 182,000 customers.
Despite the positive developments, Audible disclosed that because it has failed to meet several Nasdaq financial requirements, it faces a possible de-listing from the Nasdaq Small Cap Market. Audible's stock was selling at 45 cents per share November 7.
