Global Media to Enter Online Music Distribution
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Global Media Corp. began trading on the NASD OTC:BB under the symbol GLMC as a fully reporting issuer, and is also developing an entertainment Web site.
The multimedia entertainment, marketing and distribution company, specializes in the distribution of various entertainment products and services.
A subsidiary, Global Media Entertainment, said it is currently developing an entertainment oriented Web site to distribute music CDs and Home Videos both in hard copy format and via online download. The site will also sell related products such as magazine subscriptions and concert tickets.
Expanding on the sales models of such companies as Amazon.com and CDNow, the company said it will innovate with new revenue models such as licensing variations of its front-end Web site for use by third parties on a revenue sharing basis.
According to market researchers Jupiter Communications, in 1998, the music and video industries are worth in excess of US$70 billion worldwide and will generate more than US$200 million in Internet sales revenues. Projections reach in excess of US$3 billion in 2002.
Global Media is presently seeking an equity private placement to finance the completion, launch and marketing of its Internet Web site.