Music Firms Invest in Web Download Site
All five major music companies have invested in a single Web start-up that operates a directory of downloadable music from more than 50,000 artists.
On Friday, San Francisco-based Listen.com said it had secured investments from BMG Entertainment, EMI Recorded Music, Universal Music Group and Warner Music Group, though terms of the deals were not released. Sony Music invested an undisclosed amount in Listen.com in October.
The music firms all emphasized that the music available through Listen.com is “legitimate”--that is, not pirated.
“We believe that Listen’s commitment to the creation of a comprehensive guide to legitimate content . . . is a valuable service,” said Larry Kenswil, a Universal executive in charge of e-commerce and new technology.
Listen.com said its downloadable music directory is syndicated to America Online, Excite@Home, Real Networks, Shockwave.com and Lycos, among others.
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