The bid to create a legal P2P network that replicates the Kazaa system, but in a way that rewards content owners, is hotting up. Latest word is that a new system called Peer Impact, which is being developed by New York-based Wurld Media, has now signed up three of the four major labels (Warner, Universal and SonyBMG) and is preparing for a public launch in early 2005 - with hopes that EMI will also be on board by then.
Exactly how the service will work is unclear but, according to Reuters, Wurld Media are confident they have found a business model through which consumers can share music, video and other digital content online while providing "due compensation" to content owners.