Turntable.fm, the service that lets users act as virtual DJs with their own music, just signed a deal with BMI.
BMI just posted the announcement to its blog.
The agreement gives Turntable.fm rights to 6.5 million digital works.
This is more good news for Turntable.fm. The company recently secured $7.5 million in funding at a $40 million valuation.
Here’s the full statement:
BMI has entered into a licensing agreement with social music site turntable.fm, covering the use of BMI’s repertoire of more than 6.5 million works in the U.S., according to an announcement by Richard Conlon, BMI Senior Vice President, Corporate Strategy, Communications & New Media.
“We are pleased to have reached an agreement that guarantees the more than 475,000 songwriters, composers and copyright owners BMI represents receive fair compensation for their creative efforts,” said Conlon “This agreement is yet another step in our long tradition of breaking new ground in licensing music for digital distribution.”
BMI was the first music company to launch a website in September 1994 and the first to licence music on the Internet in April 1995. It now has more than 6,000 licensees in all aspects of digital distribution of music. The company has built the industry’s most robust infrastructure for processing copyright transactions, which last year totaled more than 92 billion, the vast majority of them from the digital space.