Worldspace, Inc., one of the world leaders in satellite-based digital radio services, today reported its financial and operating results for the first quarter ended March 31, 2006.
Worldspace finished the first quarter of 2006 with 153,437 subscribers. The Company added 38,131 subscribers in the first quarter of 2006, an increase of 109% over the 18,233 subscribers added in same quarter of 2005. In India, the Company had 111,723 subscribers at the end of the first quarter of 2006, up 50% from 74,574 at the end of the fourth quarter of 2005 and a five-fold increase from 21,730 at the end of the first quarter of 2005.
At the end of the first quarter of 2006, Worldspace had rolled out its satellite radio services in ten cities in India — Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Kochi, Pune, Ahmedabad, Chandigarh, and Kolkata, India’s second largest city, which was launched in February 2006.
WorldSpace’s market distribution is now available to a population of nearly 63 million, including nearly 35 million people in the three market segments targeted by the Company.
“We are continuing to focus very closely on driving subscriber growth, especially in India, as we expand our services to more cities, ensure the availability of our products at more retailers and upgrade our content and products,” said Noah Samara, chairman and chief executive officer, Worldspace. “We are launching more cities and creating innovative special promotions that are driving strong revenue growth. We are confident that we have taken the necessary steps in terms of management changes, enhanced visibility, expanded marketing alliances and improved products that will enable us both to grow and retain subscribers to our ever-expanding unique and exciting content.”
Separately, Worldspace announced today the appointments of Gregory B. Armstrong and Alexander Brown as co-Chief Operating Officers of the Company.