PR
Newswire
(Copyright (c) 2001, PR Newswire Association, Inc.)
SEATTLE, March 2, 2001 (PR Newswire)
Acquisition Establishes
Loudeye as Foremost Provider of Digital Music Samples
Loudeye Technologies, Inc.
(Nasdaq: LOUD), a leading provider of digital media
solutions, today announced the completion of its acquisition
of privately-held DiscoverMusic, the leading provider
of song samples on the internet, and a leading provider
of music metadata and album cover art to online music
retailers.
The acquisition, when combined
with the company's subscription platform, firmly establishes
Loudeye as a leader in digital music subscription services.
Loudeye now supports over 80 online music customers
including Amazon.com, BMG Direct, barnesandnoble.com,
CDnow and Tower Records, most of which operate under
long-term, exclusive contracts. In addition, Loudeye
now hosts one of the world's largest databases of song
samples of more than 2.5 million samples from approximately
190,000 CDs, and a video sampling service for movie
trailers in both Windows Media and RealAudio(TM) formats.
This service is built upon a robust infrastructure platform
that served over 500 million song samples in the past
year.
"The completion of
the DiscoverMusic acquisition is an important milestone
and will accelerate our music subscription strategy,"
said David Bullis, president and CEO, Loudeye Technologies,
Inc. "We expect the integration of our businesses
to be seamless for our customers while maintaining high
levels of service. We will also seek to offer additional
digital music and subscription services to these customers
in the future, as part of a robust suite of services
we are developing on top of our platform."
About Loudeye Technologies,
Inc.
Loudeye is a leading provider
of digital media solutions that empower today's top
media, entertainment and Fortune 1000 companies to transform
traditional media assets into dynamic digital content.
Through its Digital Media Centers in Seattle (headquarters),
New York and London, Loudeye is building the infrastructure
to support the next generation of digital media businesses.
To learn more, visit http://www.loudeye.com .
Forward-Looking
Statements
This press release
contains forward-looking information within the meaning
of the safe harbor provisions under the Private Securities
Litigation Reform Act of 1995, as amended, such as statements
about the benefits of the acquisition of DiscoverMusic
with respect to Loudeye's leadership position, timing
and development of future product and service offerings
and integration of the businesses including maintaining
levels of customer service. These statements are based
on current expectations and prospects and there is no
guarantee that these results will actually occur or
will occur in the manner currently anticipated. Actual
events, results or developments may differ materially
from those expressed or implied in forward-looking statements
due to a number of risks and uncertainties. Such factors
include: the possibility of adverse changes in the markets
the companies serve, uncertainty involving copyrights
in digital music creation and distribution, unexpected
costs in connection with the combination, including
diversion of management time, risks relating to integrating
DiscoverMusic and Loudeye, risks involved in retaining
and motivating key personnel; difficulties in obtaining
any of the expected benefits of the combination and
other risks and uncertainties set forth in Loudeye's
Annual Report on Form 10-K for the year ended December
31, 2000 and other documents filed by Loudeye from time
to time with the Securities and Exchange Commission.
Copies of which are available through the SEC's Electronic
Data Gathering Analysis and Retrieval system (EDGAR)
at www.sec.gov. Loudeye assumes no obligation to update
the forward-looking statements included in this document. |
