Nokia makes content push by acquiring Loudeye

Nokia, the world's largest handset maker, will acquire Loudeye, a provider of digital media distribution services, for $60 million.

Nokia the world's largest handset maker, has agreed to acquire Loudeye, a provider of digital media distribution services, for US$60 million, the two companies announced Tuesday.

The acquisition marks a deeper thrust by Nokia to offer not only digital devices but also applications and a content delivery service.

Loudeye, with headquarters in Washington, focuses on digital media delivery platforms for businesses wanting to offer songs and content online. The company also secures the rights to the content from record labels.

Loudeye counts 1.6 million tracks in its catalog, a figure Nokia cited as "substantial." Loudeye said it runs 60 download services in 20 countries in Europe and South Africa, Australia and New Zealand. Major clients include MTV Networks, a division of Viacom International.

Loudeye also works with ISPs (Internet service providers) and mobile operators on value-added services and consumer electronic manufacturers on media services to complement their hardware, it said.

By 2007, Nokia said it will offer a "comprehensive" music service but did not offer more details. The company said it sold more than 15 million devices capable of playing digital music files in its second quarter.

Loudeye shareholders will receive US$4.50 per share of common stock. The acquisition is expected to be completed by the end of the year, the companies said.

For its first quarter ending March 31, Loudeye reported a net loss of US$4.6 million on revenue of US$8.4 million.

Loudeye will report financial results for its second quarter on Wednesday.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Jeremy Kirk

IDG News Service
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?