Musicrypt edges toward profitability
Toronto digital music distribution firm Musicrypt Inc. recently released its financial statement for the first half of 2005, ending June 30. The firm is still in the red with a net loss of nearly $800,000, but that’s a considerable improvement on the $1.4 million loss it reported last year during the same six-month period. Revenue grew during the half as well, soaring more than 300% from a paltry $32,000 in 2004 to $150,000 this year. Musicrypt’s service is used for secure delivery of digital audio content by radio stations, music studios and other entertainment and broadcasting industry applications.