n an attempt to stop music piracy, Universal Music Group (www.universalmusicgroup.com) is set to launch an internet service to make sure it can expect returns from its own copyrighted material. The new service, which was just launched in the UK, will be available to consumers in the US by December. The service will give users legal web access to the thousands of artistes under Universal's umbrella.

The service has been developed by WWEBNET, a New York-based company. The company states that it has struck deals with 70 content owners and was in talks with all the major record labels and movie studios. WWEBNET, a five-year-old startup, has received $6 million in seed funding from Palladin Opportunity Fund and other angel investors. Rumour has it that the company has retained EKN Securities and filed a letter of intent - a first step toward an initial public offering.... more