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The Warsaw Voice » Business » January 9, 2008
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Music on the Trading Floor
January 9, 2008 By El¿bieta Wrzecionkowska   
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e-Muzyka, a digital media company that controls 70 percent of Poland's digital music distribution market, entered the Warsaw Stock Exchange's New Connect 21st Dec. 2007.

The company has raised zl.1.6 million through a private placement targeted at selected individual investors and plans to use the funds to develop a comprehensive IT system to sell digital files such as songs, ringtones and videos. It also plans to extend its multimedia services.

The company wants to develop new technologies by signing new agreements with cellular phone operators Orange and Play, and to tighten its ties with mobile phone operator Polkomtel. e-Muzyka is also in talks to work with television broadcaster TVN.

With its new contracts and partners, the company expects to boost its sales revenue to zl.7.5 million this year, from zl.4.1 million in 2007 and zl.3 million in 2006. The company is shooting for a net profit of zl.503,000 in 2008, up from zl.102,000 in 2007.

The company is considering another share issue on the WSE in late 2008 or early 2009.

"We are proud of what we have achieved over such a short time, especially since the digital media market is very demanding," said company chairman Robert Knaź. "We believe our development strategy will help boost e-Muzyka's profit and increase the company's value to the shareholders' benefit."
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