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CDNNOW Launches Download Sale
leading online music destination, today redefined music retailing by offering thousands of secure music downloads for sale and becoming the only place on the Internet to offer the full range of online music experiences, including music news, Custom CDs, digital downloads, the ability to discover unsigned bands, and the sale of CDs, videos and music-related products. CDNOW offers more than 13,000 downloadable tracks for sale at cdnow.com/downloads, and by mid-December, expects to add more than 50,000 new downloads for sale. With music from top independent labels such as Beggar's Banquet, Ichiban, Iliad, Fat Possum, Del-Fi, and more, CDNOW (cdnow.com) offers downloadable tracks from a wide range of artists including current rock/pop bands Jawbox, Marvelous 3 and Stereolab, classical greats Bach and Beethoven, country superstars Patsy Cline and Willie Nelson, and jazz legend Duke Ellington. Within the next few weeks, CDNOW expects to make downloadable music available from artists such as Beck, The Samples, Frank Zappa, Gary Numan, Mudhoney, DJ Logic, Jerry Garcia and David Grisman, Ani DiFranco and Emmylou Harris, in addition to other artists on labels including Mammoth, Sub Pop, Rykodisc and more. Visitors to CDNOW can conveniently browse through several thousand of its most popular saleable downloads in a special section of the site and can also find free downloads at cdnow.com/freedownloads. Additionally, saleable downloads are integrated into each artist's Web page on the CDNOW site and are listed alongside CDs, cassettes and albums for sale. Downloadable tracks range in price from $1.49 to $3.49 and new downloads are expected to be added on a regular basis. Jason Olim, President and CEO of CDNOW said, "The launch of saleable music downloads throughout CDNOW's site marks a major step in the digital revolution. With over 2.7 million customers, and an average in November of more than 800,000 people visiting CDNOW each day, we expect to quickly become the most popular place to download digital music, in addition to being the Internet's ultimate music destination - the best place to buy music, get music news and reviews, discover unsigned bands, and much more." Ted Hooban, Director of Digital Products at CDNOW said, "With the launch of our secure digital transaction engine, CDNOW will be able to sell hundreds of thousands of downloadable tracks from today's hottest mainstream and independent artists. Downloading music will change forever the way that people connect to music and CDNOW will be in the vanguard of this phenomenon." Hooban continues, "Forrester Research predicts that digital download sales will increase from approximately $1 million in 1999 to $10 million in 2000 and more than $284 million in 2001. Over the long-term, we expect that digital music will grow into a significant part of the music industry, and CDNOW expects to be a leader in both digital and traditional packaged music sales." CDNOW uses the secure Liquid Audio format for saleable downloads, and anticipates supporting all major content formats and security solutions that are compliant with SDMI (Secure Digital Music Initiative) standards. CDNOW began selling secure digital downloads during the third quarter of 1999 and was the first online music destination to integrate the sale of digital downloads into its shopping cart. CDNOW recently offered digital downloads of David Bowie's newest album hours and the Tori Amos single Bliss. About CDNOW CDNOW, Inc. is the online music destination that offers the most comprehensive, personalized connection to the world of music. CDNOW's offerings consist of more than 500,000 music and entertainment-related items, including CDs, DVDs, videos, cassettes, vinyl albums, custom CDs and music downloads, as well as music samples, intelligent album recommendations, a vast library of interviews and reviews from top music writers, music news from allstar News, and access to emerging artists through Cosmic Music Network. CDNOW is a trademark of CDNOW, Inc. On July 12, 1999, CDNOW, Inc. (Nasdaq: CDNW) entered into a definitive agreement with Sony Corporation of America (NYSE: SNE) and Time Warner Inc. (NYSE: TWX) to merge with Columbia House, the leading club-based direct marketer of music and videos. The new public company resulting from the merger will be owned 37 percent each by Sony and Time Warner. CDNOW's existing stockholders will own the remaining 26 percent. The parties anticipate completion of the transaction in the first quarter of 2000. This release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to, changes in political and economic conditions, demand for and market acceptance of new and existing products, as well as other risks and uncertainties detailed from time to time in the filings of the Company with the Securities and Exchange Commission.
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