Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sounds On-Line Says Business Better Than Planned

Timing right for music site launch

Sounds Online may have hit the music e-commerce market just at the right time if a recent report out of the US is anything to go by.

According to e-Marketer, a leading US online news magazine, Internet sales of music are expected to total 11 per cent of global music sales by 2005.

Local music retailer Sounds and its New Media partner Hyperactive announced the Sounds joint venture entertainment Internet site on Monday of last week (December 6 1999).

In its first week of trading, the site attracted 36,000 page views with sales 300 per cent above expectations the company says.

Among other things, visitors to www.soundsnz.com can buy music CDs, listen to the site’s own radio station, listen to live concerts, download music, interact with the site and watch video and movie clips.

The e-Marketer report says online music sales in 1998 represented a mere 0.4 per cent of all music sales. That figure was predicted to leap to 11 per cent — a 2,650 per cent increase — within six years.

The report quotes Market Tracking International, a London-based research firm which says in dollar terms, the figures translate to sales growing from US$170 million to more than US$5 billion.

“The figures really confirm what our research has been telling us,” commented Sounds Online’s Sean Coleman. “In New Zealand terms, if the same trend occurs here, we can expect an online music market of somewhere round $20 million. We expect to own at least half of that.

“It’s early days but we are very pleased with our initial week’s results.”

Coleman’s fellow director Mark Tierney said 36,000 page views in the first week was “music to my ears”.

“Page views is the most important e-commerce statistic representing as it does how many times people have viewed at least one page in the site. It’s also pleasing that about 10 per cent of our visitors are from outside New Zealand.

“But the bottom line is how many CDs we’re moving and frankly I’m pleasantly surprised our sales are three times what I thought they’d be after the first week.”

Already visitors to the Sounds site have access to 20,000 record titles and by March next year Coleman says visitors will be able to select from more than 600,000 titles world-wide.


ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news