Petteri Pyyny
13 Jun 2002 15:12
Alliance Entertainment, a privately held company which provides various online services in music sector, has agreed to buy one of the best-known old online music companies, Liquid Audio.
The financial terms of the contract were not disclosed, but the information came only week after Liquid Audio's shareholders called the company to put itself up for sale. Company made revenue of $135,000 in its first quarter and meanwhile lost a whopping $4.9M.
Liquid Audio has developed its secure music format and DRM system for years -- it was a pioneering company in this emerging area of business back in 1990s. Company provides secure tracks from major record labels to online retailers such as Amazon.com.