"Universal Music Group said Wednesday it has acquired a stake in the operator of urban social networking Web site Loud.com. The deal is part of the music company's strategy to gain new sources of revenue and media outlets for its stable of recording artists. The company, a unit of Paris-based Vivendi SA, did not disclose the size of its equity investment in the Web site, which also operates under the domain name Battlerap.com. The ad-supported site caters to hip-hop fans who can upload their own raps and compete for a record deal with SRC Records, a label distributed by Universal. The Web site also sells audio files of hip-hop beats for 99 cents."
Interesting combo of features. Sounds like one part iTunes, one part American Idol, and one part YouTube.
Universal Music Invests in Loud.com
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