Petteri Pyyny
10 Mar 2004 14:17
According to an article in Rolling Stone magazine, the P2P-turned-to-legal-music-store, Napster, might be in serious trouble in various fronts. At least four of its executives have left the company since its launch four months ago and the parent company Roxio has lost 60 percent of its stock market value during that period as well.
However, company denies alleged problems and is quickly to point out that they've managed to sell over 5 million songs since the launch and have received an additional $22.5M from investors to fund the operations. But company has suffered couple of major defeats, most notably the HP's decision to abandon the already-agreed deal to bundle Napster into its new computers and instead opted to utilize Apple's iTunes service.
Source: RollingStone.com