Investors Put More Cash Into MusicNet
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Three major record companies and RealNetworks Inc. have invested an additional $10 million in MusicNet, an online music distributor they launched two years ago.
The funding comes in the wake of Pressplay and Listen.com Inc., two rival online distributors, being sold to Roxio Inc. and RealNetworks, respectively. MusicNet did not disclose the total amount it has raised from its investors, which include Bertelsmann, EMI Group’s EMI Recorded Music and AOL Time Warner Inc.’s Warner Music Group.
Separately, RealNetworks said it has begun providing hosting and billing services for companies that want to offer niche online audio and video services, including Playboy TV Club and a channel devoted to the Kennedy assassination.
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