Nokia buys Loudeye for $60M
p2pnet.net News:-Nokia wants into the as-yet undeveloped online corporate music market and to help things along, is buying Loudeye for $60 million.
In a filing with the US Securities and Exchange Commission, Loudeye said Nokia wants to launch a Nokia branded music service, based on the Loudeye’s platform and services, to complement the Finnish firms’ devices, says The Washington Post.
Handset makers, “see digital music as one of the key drivers for selling more expensive new phones, as they try to hold up their average selling prices despite surging demand for cheap phones on emerging markets,” states the story.
“Music is now the number one service for selling advanced mobile phones – it has been cameras, and in the future it might be television – but in 2006 music has become the service phone makers have been concentrating on,” it has securities analyst Erik Sucksdorff saying.
Loudeye operates 60 live services in over 20 countries across Europe and South Africa, Australia and New Zealand.
Nokia said it had sold more than 15 million music-enabled phones in April to June, roughly double the amount Apple’s iPod’s and making it the world’s largest manufacturer of digital music players, and it aims to sell more than 80 million music devices this year, adds The Washington Post.
Loudeye had hoped to get rich by exploiting entertainment cartel pirate paranoia, but sold off its Overpeer division. Then, this May, it also sold its mobile digital music operation to Muze for $11.0 million.
Also See:
The Washington Post – Nokia to buy Loudeye, August 8, 2006
Overpeer – Loudeye dumps p2p co Overpeer, December 10, 2005
$11.0 million – Muze buys Loudeye mobile music, May 2, 2006
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