Co obliquely evaporated tape has the potential for a very high signal output. We investigated the dependence of the magnetic properties and noise characteristics on the magnetic layer thickness. Co thin films were deposited using web-coater type vacuum evaporation equipment. As the magnetic layer thickness (delta) increases, the signal output level increases at first and saturates at about delta = lambda/4, while the medium noise (ac-erased and modulation noise) level monotonically increases. Carrier-to-noise ratio (C/N) for lambda = 0.54-mu-m has a peak at about delta = 1300 A. The irregular configuration of the magnetic transition area were observed for thick layer samples by Bitter patterns. The microstructure of the magnetic layer suggests that the increase in the modulation noise can be attributed to the morphological features of the column and cluster. The reversal field distribution broadens with the increase of delta, which makes the magnetic transition area large and might make the transition irregular.