Baidu IR, 7/19/11
Chinese internet company Baidu (Nasdaq: BIDU) today announced it has signed an agreement for the distribution of digital music with One-Stop China (OSC), a joint venture whose shareholders are three global record companies: Universal Music, Warner Music, and Sony Music.
OSC shareholders will license to Baidu their catalogues and upcoming new releases, including Chinese songs (in Mandarin and Cantonese) and international tracks, which can be streamed or downloaded from Baidu's servers.
Under the terms of the deal, Baidu will remunerate music content owners on a per-play and per-download basis for all tracks delivered through the Baidu MP3 Search service, as well as Baidu's newly launched social music platform, Baidu Ting.
The new partnership with OSC was accompanied by a conciliation agreement, endorsed by the Beijing High People's Court, that ended outstanding litigation between the three record companies and Baidu.