Nokia buys Loudeye to expand music presence

Nokia buys Loudeye to expand music presence


Mobile music services certainly aren’t the fastest or least painful thing out there yet, but they are a great idea in theory. Nokia seems determined to make that theory a reality, and they have taken an aggressive step to do so. The company has purchased Loudeye for $60 million.

Loudeye is a company that does many things, including setting up new PlaysForSure partners with their own online music stores.

The two firms are not unfamiliar with each other. Nokia chose to work with Loudeye in 2004 to set up their own store. That partnership hasn’t taken off, but this purchase is a clear sign that Nokia is ready to get serious.

Loudeye works with both major labels and independents, and has aggregated a catalog of 1.6 million songs. They currently operate 60 stores for clients in 20 countries. It will be interesting to watch how that changes once this deal is done later this year.