Three major music labels today announced the creation of MusicNet, a joint venture to create a platform for online music subscription services.
AOL Time Warner, Bertelsmann, and EMI announced the new digital music subscription venture with RealNetworks, which will be available later this year.
EMI Recorded Music, BMG Entertainment, and Warner Music Group will each license their music catalogues to MusicNet and own a stake in the venture.
"The end result will greatly accelerate the roll-out of online music subscription services for consumers across multiple distribution networks, including RealNetworks and the America Online family of interactive brands later this year," a statement said.
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AFP