After the news that Sony and Universal were selling much of their combined stake in legit online music site Pressplay to Roxio, who intend to rebrand it as Napster, rumours were rife with regards the future of MusicNet, the other major label owned download service. Word was the major owned sites weren't fairing so well and EMI, BMG and Warners, who all have an interest in Music Net, were getting edgy.
But reports yesterday suggested otherwise with news that the company had secured a rumoured $10 million in additional funding from its original shareholders - the three majors and RealNetworks.
Saying subscriptions via AOL had "exceeded expectations," Pressplay's CEO Alan McGlade told reporters: "It is rewarding to have the original companies that founded MusicNet continue to be committed and supportive. This is further evidence that our shareholders are committed to legal music services that respect copyright protection. While we are a lean, strategically focused company, we will continue to set the bar because of our unique business approach as the digital music space grows and matures."