A planned decline in book club sales has led to an almost $3 million drop in third-quarter revenue for MediaBay Inc.
The Cedar Knolls, NJ-based firm reported quarterly sales of $3.9 million, compared with $9.6 million during the same period last year. In addition it posted an operating loss of $2.8 million, vs. operating income of $642,000 last year. The quarter ended Sept. 30.
The firm blamed the sales decline on reduction in new member marketing for its Audio Book Club. MediaBay is planning a new digital distribution strategy for the book club.
In October, MediaBay and Microsoft announced that they were working on a plan to offer audiobook titles via download to MSN users.
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