Nokia Buys Out Music Partner Loudeye
Aug 8, 2006, 2:01 PM by (staff)
Nokia today announced it will acquire music distributor Loudeye for about $60 million. The two companies previously entered a partnership to set up a mobile-compatible music store for Nokia handsets. Loudeye provides music downloads from a library of 1.6 million tracks to 60 different music stores, under the name of Loudeye's partners. These stores are PC based, but Nokia is looking to extend Loudeye's reach to mobile phones. Nokia will take advantage of Loudeye's Windows Media library and the Plays For Sure compatibility it pioneered in the N91 to bring computer based based downloads to its mobile phones. It also plans to extend the Loudeye music store to NSeries smartphones themselves for over the air downloads on 3G networks. The companies expect the deal to be complete by the end of 2006.
Comments
wonder how are they going to market this