Colorado based online games and music business Idle Media (OTCBB: IDLM)said Friday its profits for 2010 more than tripled.
For the fiscal 2010 ended September 30, the company earned a profit of roughly $0.7 million, 3.3 times the company’s profit in fiscal 2009. Revenue for the year more than doubled to $1.4 million.
The company’s revenue streams are split between third party advertising, like banner ads and video ads, and subscription revenue, where users must pay a fee to download premium content. But the company said it is increasingly focused on advertising as a major revenue stream. Indeed, in 2010, advertising accounted for $1.3 million of total revenues.
Idle Media’s website portfolio includes two music sites, DatPiff and HipHopEarly, three game websites, Prison Block, chixRus, and Backyard Buddies, as well as Tweetvibe, a site that allows users to apply customized themes to their Twitter account.
Collectively, these websites had roughly 31.7 million unique visitors, 110.7 million visits and 870 million page views in fiscal 2010.
At year end, Idle Media had about $647,581 in current assets, 60% of which is cash, and $268,237 in current liabilities.
For 2011, the company said it will look to add more websites to its collection to fuel growth.