JP Morgan downgrades Real, says iPhone app won’t save Rhapsody
Friday, September 11, 2009 - 12:24 PM EST"JP Morgan analyst Vasily Karasyov downgraded RealNetworks (RNWK) to 'Underweight' from 'Neutral' this morning, citing concerns that Rhapsody's iPhone app won't help buck subscriber declines at the music site," Rory Maher reports for The Business Insider.
"Karasyov doesn't believe there is much room for growth on top of the 750K subs reported by Rhapsody last quarter. In fact, he believes subscribers could continue to decline given strong competition from iTunes and limited consumer demand for a subscription streaming service," Maher reports. "The company lost 50,000 subscribers last quarter."
Maher reports that RealNetworks' shares "are down almost 7% [today], giving back pretty much all of yesterday's gains."
Full article here.


Okay, finally the subscription fanboys can go away. Steve knows best. We want to own our music.