P2P co. signs third major label
Snocap, the startup led by Napster founder Shawn Fanning that hopes to sell legit music over peer-to-peer, has signed up its third major label, EMI.
Company will immediately begin putting EMI’s library into its database so it can turn pirated copies on P2P networks into authorized files that can be sold, rented or otherwise distributed on the label’s terms.
Sony BMG and Universal Music are already working with Snocap, leaving Warner as the only big label not yet on board.
Once it has all four major labels, as well as some indies, Snocap hopes to begin signing up P2P networks like Kazaa or eDonkey as partners to turn them into legal distributors of music by late this year.