LicenseMusic.com Bids 'Adieu'
Music Industry News - as it happens
Source: Mi2N - February 21, 2002
LicenseMusic.com, an online provider of music to the audio-visual production industries, announced that it was ceasing operations. The following message by Founder, President & CEO Gerd Leonhard found on the site states:
"We deeply regret having to notify you that LicenseMusic.com will cease all operations effective immediately. Many efforts to secure the future of the company were undertaken in the past 12 months, but due to the current economic climate and the situation in the venture capital markets we have not been able to close a deal."
LicenseMusic.com represented the catalogs of over 200 record labels and music publishers including Peer Music, DreamWorks Music Publishing, Arc Music Group US, Cherry Lane Music Publishing, Warlock Records and Knit Media. The company has assembled a collection of over 50,000 pre-cleared tracks as well as access to over one million tracks through its network of providers.
Licensemusic.com provided audio-visual companies with the right to:
(i) record the music in synchronization or timed relation to the pictures or visual elements of the medium;
(ii) make copies of those recordings for distribution to theatres, television networks, radio stations, or Internet sites;
(iii) publicly perform the music on a specific, individual website;
(iv) make copies such as videocassettes, CD-ROM, DVD, or other forms of home media and distribute them to the public for private home viewing;
(v) use the music in either "in-context" or "out-of-context" trailers.
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» LicenseMusic Ceases Operations