Loudeye and AOL, it's a deal.
05/31/2001 7:50:00 PM MDT Albuquerque, Nm
By Dustin D. Brand; Owner AMO
AOL and Loudeye reach an agreement where Loudeye will provide AOL with digital media services.
Loudeye Technologies Inc. announced on Wednesday it has made a deal to provide America Online, with music services.
This isn't the first of such music services that are jumping up left and right in the bruised "eye" of Shawn Fanning and his illegal service - Vivendi just bought mp3.com.
Shares of Loudeye climbed 40 percent, or 43 cents, to $1.51 in late morning trade but are still lower about 90 percent from year-earlier levels.
In this multi-year arrangement, Loudeye will offer AOL music samples and digital media services to support digital music content across certain AOL properties such as its Internet radio service Spinner.com. Seattle-based Loudeye will also provide the technology to encode Spinner's music library into digital form. Sounds interesting...hmmm.
Loudeye has struck similar pacts with other companies, including EMI Recorded Music and Sony Music Entertainment earlier this month.
Shares of AOL Time Warner closed up $1.09, or 2.13 percent, to $52.19 on the New York Stock Exchange Thursday. Loudeye closed down 15 cents, or 11.19 percent, to $1.19 on Nasdaq.
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