S.Korea's iRiver eyes big boost to sales
Reuters, 05.20.04, 7:46 AM ET
BANGKOK, May 20 (Reuters) - South Korean computer audio equipment maker iRiver Inc said on Thursday it expected to raise global sales to $1 billion by 2007 from $450 million projected for 2004, and last year's $250 million.
iRiver executive Marilyn Chen told reporters a large portion of additional revenues in the next few years for the firm, which is wholly owned by South Korea's Reigncom Ltd <060570.KQ>, would come from fast-growing Chinese and Russian markets.
"China and Russia offer the most promising potential and our sales there should grow very fast," said Chen, who was in Bangkok to launch iRiver products at a local computer show.
Microsoft Corp (nasdaq: MSFT - news - people) has enlisted iRiver and Creative Technology Ltd <CREA.SI> of Singapore to develop a device that plays movies and stores digital photos as well as MP3 songs, called the Portable Media Center, in a bid to build a share of the fast-growing digital media player market.
iRiver plans to launch its new Personal Multimedia Player in South Korea and the United States in August, Chen said.
iRiver launched 10 models of portable MP3 players for the Thai market on Thursday, where it hopes to capture a 45 percent market share within six months.
Chen estimated that iRiver held a 23 percent global market share in the portable audio and multimedia player sector. She said the company enjoyed a 55 percent share of the Korean market and a 43 percent share of the sector in Russia.
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Copyright 2004, Reuters News Service
