Meanwhile, PayPal acquires mobile payments firm Paydient.
Musicnotes.com reports sales for the first half of 2007 of almost $2.85 million and expects royalty payments to musicians for digital sheet music downloads to exceed $2 million for the year.
Musicnotes Inc., a company that sells downloadable sheet music solely on the web, reports sales for the first half of 2007 of almost $2.85 million and expects royalty payments to musicians for digital sheet music downloads to exceed $2 million for the year.
The company, No. 499 in the Internet Retailer Top 500 Guide, sold its first digital download in late 1999 and expects to reach more than three million sometime this fall.
During the first half of 2007 downloads at Musicnotes.com increased 40% over the previous year, the company says. It has sold almost 600,000 pieces of sheet music and guitar tablature downloads at an average price of $4.75 per download.
“At a time when the music industry is struggling to find new revenue streams our pay-for-content digital delivery model is coming into its own,” says Musicnotes CEO Kathleen Marsh. Musicnotes plans to continue adding content and improving its web site to take advantage of the sales channel. “We believe the digital market is still in its infancy as far as sales potential,” Marsh says. Tablature is a note coding format for musicians who don’t read music.
Musicnotes Inc. offers an online catalog of more than 60,000 digital sheet music titles, built on content agreements with music publishers including BMG, Sony/ATV Publishing and Disney Music Publishing.
In addition to the Musicnotes.com pay-for-content site, Musicnotes hopes to re-launch a separate advertising-based guitar, bass and drum tablature site. MXTabs.net is designed to counter unauthorized guitar tab sites, which attract significant consumer traffic generating advertising revenues that are not shared with publishers and songwriters, the company says.
An inefficient print music business drives customers to unauthorized tablature sites for 80% of the songs purchased on them, Musicnotes says. The MXTabs.net site is designed to provide music in a format musicians are familiar with, while also providing songwriters and copyright holders with an additional revenue stream for their intellectual property.
“We believe pay-for-content and ‘free and legal’ models can coexist in the music notation market,” Marsh says. “Publishers and songwriters will maximize their income embracing both approaches.”