Musicnotes' Digital Sales Growth Exceeds 30% Thus Far in 2008
Madison, WI - May 5, 2008 - Despite a challenging economic environment, Musicnotes, Inc. the market leader in downloadable sheet music and guitar tablature, indicates its year-to-date sales growth remains robust. Musicnotes.com has sold nearly 500,000 downloads thus far in 2008 and generated sales of approximately $3 million. Digital sales growth has exceeded 30% through early May.
"There is certainly no recession at Musicnotes," indicated Chairman and CFO Tim Reiland. "If anything, we have seen our growth accelerate over the past several weeks."
Since the site's launch in late 1999, www.musicnotes.com has sold almost 4 million downloads to more than 1.2 million customers. The site currently receives 80,000 unique visits a day, and traffic data from Hitwise shows Musicnotes with more than a 70% share of the downloadable sheet music market.
"Musicnotes is now a solidly profitable company but remains in the early innings of its growth plan," commented Reiland. "We continue to focus on adding great content and enhancing the customer experience. Musicnotes currently offers more than 75,000 downloadable songs - although quantity is not the name of the game in sheet music, we would hope to more than double our offering in the years ahead. There are still many publishers who do not have their valuable content on Musicnotes.com " Reiland concluded.
From the publisher/songwriter perspective, the Musicnotes pay-for-content model has generated almost $10 million in royalties since inception. Musicnotes also continually evaluates new music industry business models, and is currently in the Alpha phase of its advertising supported guitar and drum tablature website www.mxtabs.net The company expects to shortly announce details regarding the formal launch of MXTabs.
About Musicnotes: Musicnotes, Inc. offers an online catalog of nearly 80,000 digital sheet music titles, built on the strength of content agreements with Alfred Publishing, EMI Music Publishing, Sony/ATV Publishing, BMG/Universal, Disney Music Publishing, peermusic, Word Music, EMI Christian, Bug Music and many others. Musicnotes was also recently selected as one of the Top 500 Online Retailers by Internet Retailer Magazine.
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Director of Marketing: Musicnotes, Inc.
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