Rhapsody receives $10m in new loans - as losses widen to $8.9m in Q1 2015
Streaming music service Rhapsody has received $10 million in new loans from RealNetworks, which owns 43% of the company, and an unnamed investor, a regulatory filing has revealed.
According to GeekWire, the Seattle-based company posted an $8.9 million net loss for Q1 2015, compared with a $1.6 million loss in the same period 12 months ago, despite revenue rising to from $42m to $46.3m.
The filing with the Securities and Exchange Commission also shows Rhapsody’s book value fell below $10m.
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