NEW YORK (MusicNet/ www.musicnet.com) - MusicNet, the world's leading digital music service provider, today announced that it has entered into a long-term partnership with HMV, the UK's leading music, dvd and games specialist, in support of its new digital downloading service.
The market-leading retailer operates approximately 200 stores in key shopping locations, equating to well over 1 million sq. ft. of trading space, as well as a successful online store at https://www.hmv.co.uk.
Scheduled to launch during the second half of 2005, HMV's new digital service will be exclusively enabled by MusicNet, who is providing all of the back-end technology, software, support and content drawn from the largest digital music library available today. HMV announced in December of 2004 that it entered into a strategic partnership with Microsoft Corporation to develop a customized Jukebox, enabling HMV's digital customers to "find, buy, enjoy and manage their music online all in one place."
The music content from HMV that will be provided by MusicNet will be compatible with the Windows Media Audio standard and more than 75 portable players that are currently in the market. A range of these players will be sold in HMV UK stores. In addition, the software and hardware required by consumers to enjoy digital downloads from HMV will be distributed via HMV UK's network of 200 stores and online at https://www.hmv.co.uk. HMV expects to support the new service with an investment of #10 million, including capital investment and launch marketing.
"We are thrilled to be working with HMV to deliver a customized digital music service that will strengthen their position as the UK's leading music retailer," said Mark Mooradian, Senior Director of Strategic Planning for MusicNet. "Our partnership with HMV represents another significant milestone in MusicNet's expansion into the European marketplace."
"We are proud to be associated with such a highly regarded and trusted consumer brand as HMV, and we will continue to explore new strategic partnerships that will expand our presence in Europe and capitalize on its increasing demand for premier digital music services," added Mooradian.
Stuart Rowe, HMV Europe E-Commerce Director, further commented, "I am delighted that a key component of our new digital download service is now very firmly in place and that when the service launches later this year, HMV customers will gain access to a massive library of content. Our aim at launch is to offer as wide and an eclectic range of content as is available anywhere online."
