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Online Music Distributor MP3.com Plans IPO

May 15, 1999|Reuters

Internet music distributor MP3.com Inc., which is named after the popular downloading technology that has caused an uproar in the music business, said it planned to go public in an initial stock offering that would raise about $115 million. The MP3 technology, which is not owned by MP3.com, enables people to download music from the Internet, usually at a cost well below typical retail prices. MP3.com is not the only online company offering MP3 technology, but it has emerged as an early leader. Its Web site (http://www.mp3.com) contained more than 56,000 songs from over 11,000 artists--one of the largest collections on the Internet, the San Diego-based company said. The technology has won strong support from consumers for its ease of use and availability, but has alarmed record companies wary of how easy the Internet has made piracy. MP3.com, however, faces competition from others delivering music digitally, including AT&T Corp.'s a2b music and Liquid Audio.

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