Universal invests in Buzznet
Music label takes role in social media network
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Move is believed to mark the first time a major music company has taken a role in developing editorial programming for a social media site; both companies will share in the revenue.
In the past two weeks, Buzznet has acquired the blog Idolator and the music news/video site Stereogum.
Buzznet plans to deliver exclusive news and will have artists act as guest bloggers.
"We are always striving to push boundaries and expand the scope of our digital activities," said Doug Morris, chairman-chief exec of UMG. "Our partnership with Buzznet fits perfectly into that strategy."
Tyler Goldman, CEO of Buzznet, said the Universal partnership will allow the site to integrate audio, video and original content into Buzznet's music communities.
Deal comes the day after Universal inked with PluggedIn to offer thousands of high-def videos on Pluggedin.com, joining EMI Music and Sony BMG at the site. PluggedIn went live Wednesday with its beta website, offering free-to-consumer streaming of more than 10,000 HD and broadcast-quality musicvideos.
Besides the labels, Will Smith's Overbrook Entertainment has invested in PluggedIn.
