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ARTISTdirect Posts Q3 Losses

ARTISTdirect's third quarter financials, which ended September 30 posted a net loss of $19+ million, compared with $16+ million for the same period last year. Net revenue decreased 58 percent to $2.3 million, compared with $5.6 million in the third quarter of 2000. Booking agency revenue was down 68 percent to $359,000 from $1.05 million during the same period last year.

During a conference call to discuss the company's financials, ARTISTdirect Chairman/CEO Ted Field said the company was nearing a major distribution deal for its ARTISTdirect Records label and has signed three new artists.