Thursday, July 2, 2009

SONY MUSIC AND IODA PARTNER UP


Sony Music Entertainment and IODA officially disclosed their partnership today, a widely expected move. The deal, first reported by Digital Music News on Tuesday, taps into the IODA digital distribution system known as the Rightsholder Dashboard.

Most of the details were disclosed by sources, and the official announcement contains almost no additional information. But as speculated, Sony Music will indeed assume an ownership stake in IODA, similar to a structure created by Universal Music Group and IODA rival INgrooves. Still, the exact ownership stake was not disclosed,

Also as expected, the focal point for the deal will be RED Distribution, a Sony-controlled unit focused on a stable of independent labels. Sony is believed to be tapping IODA to improve its in-house digital distribution capabilities, considered lacking. "IODA has proven it has the expertise and ability to lead the independent market with groundbreaking digital solutions," said Sony digital topper Thomas Hesse in the official statement.
SOURCE