Destiny Media Reports Financials

Reports Growth

DESTINY MEDIA TECHNOLOGIES reported financials THURSDAY for the year ending AUGUST 31st. During the quarter, the company experienced growth in both the CLIPSTREAM and PLAY MPE product lines, and anticipates reporting an overall increase of more than 20% over their third quarter results. Audited financials are expected by NOVEMBER 29th.

DESTINY CFO FRED VANDENBERG said, "Our largest area of growth continues to be revenue from our PLAY MPE system, which is up at least 25% from Q3 and which grew for the 12th consecutive quarter. Every major customer group showed an increase in usage. UNIVERSAL MUSIC GROUP announced an expansion of their agreement with DESTINY in JUNE and an encouraging trend is the high revenue growth with labels that have recently gone to commercial usage. Revenue from EMI, WARNER MUSIC GROUP and SONY BMG grew more than 300%. Contracts signed with Major Label clients in NORTHERN EUROPE and expanded use by existing major independent labels also contributed significantly to the over-all growth."

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