Relativity Digital is preparing to sell ArtistDirect and related music sites for a mere $1 million to an undisclosed buyer, according to reports. AritstDirect was one of the pioneer sites in the online music, but in recent years has fallen out of favor. At a time of billion dollar music deals, the $1 million price tag reflects just how unpopular ArtistDirect had become.
Sites in the deal include artistdirect.com, musicandirect.net, ubl.com, ultimatemusic.com, and playlisted.com, according to Deadline.com
In 2009, ArtistDirect
, which had gone public in a blaze of unrealized glory, voluntarily pulled itself off
the NASDAQ stock exchange and stopped reports to the SEC. In ArtistDirect's last annual report in 2008, the company had generated $12.1 million in revenues but suffered $48 million in losses.
This story appears courtesy of HypeBot.
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