RUMOR MILL
Monday, April 3, 2000
EMUSIC: FEELING LIKE ALMOST A MILLION BUCKS
Net's 99-Cent Store Claims A Milestone
Digital downloading destination EMusic.com has announced that it sold over one million songs in the MP3 format since its launch in January 1998.
There appears to be no truth to the rumor that about 999,000 of the downloads were purchased by the company's largest shareholders, and inside sources say the announcement has nothing to do with driving up the company's stock prices.
"One million downloads at 99 cents apiece, that's, um--well, my calculator's in my other blazer, but it's a lot," noted CEO Gene Hoffman. "It should easily offset the $800 million we've spent on advertising."
EMusic closed at 6.00 today, down .31.
"It's all about the music," added one venture capitalist who asked to remain anonymous.
