SONY MAKES A DEPOSIT
AT THE MUSICBANK

The service, basically a legal single-label version of MP3.com's My.MP3.com, requires Musicbank users to verify their ownership of the CDs in order to access them.

"This deal with Musicbank is another way for Sony Music to utilize the new methods of digital distribution to make our music available for consumers," said Sony Senior VP Al Smith. "Through this licensing agreement, consumers can have universal access to the music they purchase. And by ‘universal access' I don't necessarily mean ‘Universal access,' if you know what I'm saying." Smith also pointed out that the deal with Musicbank will assure that copyright holders also get compensated.

Musicbank has already struck similar deals with Universal, BMG and, most recently, Warner Music Group (hitsdailydouble, 10/25), putting Musicbank at the forefront, for the time being, of the online music distribution race.

There was no word at press time whether EMI, the last of the big five, had any plans to partner up with Musicbank as well.

"Our agreement with Sony Music Entertainment brings us closer to our goal of providing consumers with immediate, customizable access to their personal music collections wherever they are, from any Internet connection," said Musicbank Chairman Pierce Ledbetter. "But the best part about the service is, it's a totally brand new idea which no one has ever tried before. It was completely our idea. Honestly. Any similarities to other services either existing or being tied up in the courts is strictly coincidental."

The company plans to offer consumers access through digital cable TV systems, wireless connections and satellite service networks in the near future.