musicbank and Warner Music Group Sign Licensing Agreement

musicbank (www.musicbank.com)has decided to avoid the endless onslaught of lawsuits by partnering with the major music labels before it launches. musicbank and Warner Music Group (WMG), ( www.wmg.com)announced on Tuesday, a three-year non-exclusive licensing agreement, with musicbank providing a digital delivery network for on-demand access to personal media collections.

Upon its fall 2000 launch, musicbank users in the United Statesand Canada will have secure, on-demand streaming access to WMG-controlled recordings from their personal music collections. Under the terms of the agreement, WMG has acquired a small equity stake in the company.

musicbank has previously announced licensing agreements with BMG Entertainment and Universal Music Group, as well as an agreement with Virgin Mega Stores. Customers that purchase music online through Virgin will have their musicbank account automatically updated to include this music. Customers that purchase music at a traditional brick-and-mortar Virgin store, will also have the opportunity to update their musicbank account at the checkout.

"This agreement with musicbank is yet another example of how copyrightholders and technology companies can work together to provide consumers with exciting new ways of enjoying music," said Paul Vidich, executive vice president of strategic planning and business development for Warner Music Group.