Napster (NAPS) said the number of premium paid subscribers to its digital music subscription service passed 500,000.
The Los Angeles-based company said there are over 50,000 college students subscribing to the service through Napster's university program. The company said that over the last year its subscriber base has more than doubled.
"Doubling our subscribers over the last twelve months demonstrates the mass market potential of our music subscription model and the powerful appeal of Napster to music fans who want it all," said CEO Chris Gorog. "With a track record of robust growth, exciting new developments in the pipeline and over $100 million on our balance sheet, we are extremely excited about the future of Napster."
The company will provide additional details on its operations and performance during its third quarter earnings call, scheduled for Feb. 8.