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Friday, May 06, 2005

EMI Signs Up For Legal Music Sharing With Napster Founder

Musical giant EMI (EMIPY.PK) announced plans today of a deal with legal peer to peer company Snocap. The Snocap Company was founded by the original Napster, Shawn Fanning, and features a digital fingerprint copyright solution to ensure that downloaded songs are used under appropriate restrictions. According to Snocap’s website, the company provides, “the complete range of music that is currently available on peer-to-peer services to the paid digital music marketplace. The company is committed to dramatically improving the consumer’s digital music experience and growing the overall market for music sales.”

In a Businessweek article, David Munns, chairman and chief executive of EMI Music North America, commented, “This sends a signal to music industry critics who claim we are technophobic".

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