IUMA Acquired and Re-Launched

The prognosis was looking dim for yet another Internet music business, but last week the Internet Underground Music Archive (IUMA), revealed that it has signed an agreement to be acquired by Vitaminic, a European digital platform for the promotion and distribution of music over the Internet. IUMA had recently run out of cash and says that the acquisition will allow it to relaunch all suspended services within the week.

IUMA was one of the first websites to begin delivery of music over the Internet, starting in 1993, and is one of the more prominent artist communities on the web. IUMA's Jeff Patterson says that "IUMA cannot be stopped. We were here first and we are going to be here forever. When we ran out of cash, the staff volunteered. When the staff became overwhelmed, the artists volunteered. We're supported by a community of 25,000 artists, with a voice that grows stronger every day, and we are simply too passionate to let this community die."

IUMA says that, starting this week, it is scheduled to begin accepting new artists and will relaunch all IUMA services, including new submissions, site stats, charts, features, the IUMA A&R affiliate network, and all revenue-sharing programs. IUMA says that, over the next few months, it expects that Vitaminic will allow the music site to extend its functionality with e-commerce, subscription, syndication, and mobile features, "providing the extensive artist community with new opportunities to reach a wider audience and earn additional revenues."

Vitaminic's Gianluca Dettori adds that "the passion of the IUMA artist community is rare and Vitaminic is pleased to join forces with IUMA. This acquisition will give Vitaminic's artists broad exposure in the United States, give IUMA artists broad exposure across Europe, and provide a more valuable set of services for all."