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News |  11 Aug 2007 20:10 |  By RnMTeam

WorldSpace posts Q3 results

MUMBAI: WorldSpace Satellite Radio ended the quarter ended June 2007 with 190,333 subscribers worldwide, a loss of 1,313 from the close of the prior quarter, reflecting low net additions in India and a net loss of subscribers in the rest of the world.In India, despite pulling back on marketing and other subscription generation spending, the Company added 3,261 net subscribers during the second quarter of 2007, ending the period with 173,615 subscribers in India, 45 per cent higher than at the end of the second quarter of 2006. The Company lost 4,574 subscribers primarily in South Africa and in Europe where the company has stopped selling subscriptions to European and other customers within the Northwest beam coverage area of its AfriStar(TM) satellite in preparation for the testing and subsequent launch of its service in Italy.

According to a press release, WorldSpace has announced the first OEM and aftermarket distribution agreement for satellite radio in Europe, through a marketing agreement with Fiat Group Automobiles. The agreement provides for the factory installation of WorldSpace satellite radios as optional equipment in Fiat automobiles beginning in late 2009. WorldSpace expects to begin broadcasting 40-50 channels of music, news, entertainment, information and sports programming throughout Italy, starting in late 2008.