Nokia to Offer Total Mobile Music
Nokis is buying Loudeye for $60 million. Loudeye is a major music distributor. The company licenses music from the major recording labels and operates branded Internet storefronts for companies like MSN and Coca-Cola.
With Loudeye, Nokia will be able to provide a branded and complete mobile music offering from the phone to music streaming, download, and purchase.
The mobile music sector is increasingly competitive as carriers seek to profit from added services and phone manufacturers add sufficient storage to hold thousands of songs. Sony Ericsson already has a line of popular Walkman cell phones. Both Apple and Motorola are expected to launch services that combine mobile phone and music.
Loudeye is based in Seattle, Washington, employs 130 people, and had sales of $20 million in 2005. Loudeye has previously bought and discontinued Overpeer, which provided P2P network interdiction services for entertainment companies.
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