Audio book pioneer MediaBay shuts down
MediaBay's decision to move from direct mail to online-only seems to be a key factor in its demise. Revenue fell from $45 million in 2002 to $9 million in 2005. (Audible, by contrast, had a top line of $82 million last year, according to PW.) MediaBay was probably a couple years ahead of its time -- and the iPod boom -- with its decision to abandon snail mail. But fierce competition from Audible surely played a well, as well.