toggle

AAPL Stock: 100.57 ( + 0.04 )

Printed from http://www.macnn.com

Nokia preps for iTunes-like service

updated 11:15 am EDT, Tue August 8, 2006

Nokia to buy Loudeye

Nokia is planning to purchase Loudeye -- a digital music distributor -- for $60 million in a move that would bring Nokia closer to developing its own music download service to compete with Apple's iTunes Music Store, according to Macworld UK. "Music is a key experience for Nokia and Nokia Nseries multimedia computers. People should be able to access all the music they want, anywhere, anytime and at a reasonable cost," said Anssi Vanjoki, European vice president and general manager of multimedia at Nokia. Loudeye stockholders will receive $4.50 per share in cash for each share of Loudeye common stock under the agreement terms, which is expected to complete by the end of 2006.

Loudeye offers a Windows-only service that supplies a catalog of 1.6 million tracks for 60 music services in 20 countries. Nokia recently revealed that its April-June quarter saw 15 million music-enabled mobile phone sales.

"With this acquisition, we aim to deliver that vision and a comprehensive music experience to Nokia device owners during 2007," Vanjoki said.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

MacNN Sponsor

Recent Reviews

Life n Soul 8 Driver Bluetooth headphones

When it comes to music on the go, consumers generally have some options to consider when looking for the best experience. While Blueto ...

Pure Jongo T2 wireless speaker

Multi-room audio compatibility is a key metric for wireless sound systems these days. The entry cost into a house-spanning system can ...

Logitech Z213 multimedia speakers

Desktop computer speakers sit in a weird area of limbo: many consumers have forgone the era of desktop listening for the privacy and v ...

toggle

Most Commented