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Napster Raises Revenue Guidance

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Napster expects to report revenues of approximately $15 million for the fourth quarter, an increase from its prior projection of $14 million.

“We are raising our guidance based on robust growth in our subscription service,” said Chris Gorog, Napster’s Chairman and CEO. “Since the launch of Napster To Go, we have experienced exceptional demand for all aspects of our business. Our new marketing campaign is already delivering strong returns by generating unprecedented interest in both our regular and portable music subscription offerings. A positive reception to compatible MP3 players from iriver, Creative and Dell is also fueling demand. For example, within hours of launching a Napster To Go promotion with irivwe sold out of the ‘bundles’ and added a significant number of new, year-long subscribers. We are confident that interest in our portable subscription service will further increase as consumers learn that for er, about the price of one CD per month, they have unlimited ability to fill and refill their MP3 players with their choice of more than one million songs.”

Napster reported a net cash and investment balance of approximately $188 million on February 9, 2005 and approximately 42.8 million total outstanding shares.

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Napster Raises Revenue Guidance
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