WorldSpace To Invest $150 Million In India Over Next Two Years
By Nikhil Pahwa - Mon 16 Apr 2007 11:42 PM PST
Satellite radio company Worldspace seems to be putting all its eggs in the Indian basket. Over the next two years, the company Worldspace plans to invest around $150 million in India via its Indian subsidiary, reports the Mint (free subscription reqd).
As per TradingMarkets.com, Worldspace India added 23,945 subscribers in the fourth quarter of 2006, and ended the year with 162,010 subscribers in India, of a total 199,105 subscribers worldwide. WorldSpace Inc, however, recorded a net loss of $128.6 million for 2006, compared with a net loss of $79.9 million in 2005. Revenues were approximately $15.6 million in 2006, up from $11.7 million in 2005.
The company had raised $250 million from Nasdaq in 2005. Not surprisingly, Harshad Jain, CMO of WorldSpace India says that adoption of Worldspace will increase if mobile satellite radio to increase if they were allowed to offer mobile-satellite radio.
Posted in: JV & Investment, Music
