Internet music retailers CDnow and N2K have teamed up to fight off Amazon.com, which is rumoured to be expanding its video and CD sales to include Europe.
The $522 million merger, which was first mooted last autumn, has now been finalised. The company will now be known as CDnow/N2K.
The music merchandising site is expected to debut in May. Jason Olim, co-founder of CD-Now, has been quoted as saying that the teaming will result in a $20 million saving in running costs this year.
CDnow/N2K, however, will have a big job on its hands tackling Amazon.com. The online book store has been selling music products in the US for only six months and in that time has sold around $50 million in CDs.
Amazon.com has been so pleased with its music retail business in the US, it is planning to open a similar business in Europe, according to sources.
The company itself, however, is staying stum. ?It is not something we have announced,? said a company spokesperson.
The online music retail market is expected to continue heating up. Analysts at Forrester Research estimate the online music sales will rocket to $4.5 billion by 2002.
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