September 15, 2003
In Tune with cell phone music
Excerpt from an MSNBC article on the music industry and digital distribution.
"Technology is creating new markets for music. Music giants are banking on an exploding U.S. market for dialing up music on cell phones—in effect, you would use your phone as a portable player. It's already a multibillion-dollar business in Europe and Japan.
Last week Sony's Lack presided over a meeting to set up a division dedicated to the service.
Music companies have already dabbled in this new business with ringtones—songs from artists used as phone rings.
Industry forecasters have projected that the business will soar in the United States to $790 million in 2008 from $94 million this year.
Warner Music and others have already signed agreements with wireless carriers like Sprint and AT&T. Since this spring, fans have purchased 360,000 ringtones by Warner Music star Sean Paul at about $2 each."
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