Sony Music Pacts With IODA For Digital Distribution Network
July 2, 2009 at 2:07 PM (PT)
SONY MUSIC ENTERTAINMENT has made a strategic investment in the INDEPENDENT ONLINE DISTRIBUTION ALLIANCE (IODA), a digital distribution company for the global independent music community. REUTERS reports that terms of the deal were not disclosed.
Six year-old IODA helps smaller labels handle everything from digital rights licensing through to royalty payment administration, as well as promotional support. It has nearly two million songs in its catalog, which it licenses to more than 400 digital storefronts worldwide.
"IODA is a natural extension of our indie strategy," SONY MUSIC Global Pres. Digital THOMAS HESSE said. "As entrepreneurs, we think this is a business we'd like to grow and expand and as a result we took an investment."
"Because of the democratization of media and distribution channels, independents have taken on a larger role in the business," IODA CEO KEVIN ARNOLD said.