Sony Backs Rival MusicNet: Sony

Sony Backs Rival MusicNet: Sony Music, co-owner of the Pressplay online music service, has provided funding to rival service MusicNet. This follows the recent announcement that RealNetworks had taken a minority stake in online music company, a one-time competitor.

“There’s some lucrative deals being cut because companies need cash in the absence of revenues and music companies are lining up their resources behind the services they think are going to be around,” said PJ McNealy, analyst with GartnerG2.

Also hear a streaming interview with Ellie Hirschhorn of MusicNet.