Paid Inc. notes 204% jump in revenue
Worcester-based Paid Inc., a company specializing in services for celebrities and organizations, noted Q3 revenue of $1.5 million, an increase of 204 percent from the same period last year when the Company recorded revenues of $492,000.
Revenue for the nine months ended Sept. 30, 2006, was noted at $4.9 million, an increase of 147 percent when compared to 2005 revenues of $2.0 million. During Q3, 89 percent of Paid's revenue came from sales of fan club memberships, merchandise, and fan experiences related to tours of performing artists. Sales revenues for fan experiences, fan club membership and related merchandise were recorded at $1,338,300.
Eight percent of Paid's revenue came from sales of the Company's own product and fees from buyers and sellers through the Rotman Auction operations, with the remaining 3 percent of revenues collected through sports marketing efforts.
Losses decreased in Q3 '06, as the Company realized a net loss of $913,600 in '06 versus $1,018,300 recorded in Q3 of 2005. On a nine-month basis ended Sept. 30, 2006, the Company realized a net loss of $1,141,100 compared to a net loss of $2,459,300 for the comparable 2005 period.
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