Subj: Peacock Affiliate Announces Revolutionary Music...
Date: 7/12/00 6:17:36 AM Pacific Daylight Time
Peacock Affiliate Announces Revolutionary Music Subscription Service
SAN DIEGO--(BUSINESS WIRE)--July 12, 2000--Peacock Financial Corporation (OTCBB:PFCK) is pleased to announce that Solutions Media Inc.'s (SMI's) wholly owned subsidiary, SpinRecords.com, will launch a first-of-its-kind new music subscription service, scheduled to begin on July 15, 2000. Management believes this new service will revolutionize the way people buy music.
Music lovers around the world will be able to obtain unlimited high-quality digital downloads of their favorite recordings from artists on www.spinrecords.com for only $4.95 a month and will have exclusive access to certain live or previously unreleased tracks and live or archived Webcasts of concerts, music festivals and parties.
"In response to consumer demands for affordable digital downloads, SpinRecords.com developed this subscription to give consumers the best possible experience buying music inexpensively online, while protecting SpinRecords.com artists' rights," said SMI's Chief Operating Officer Robert Shapiro.
Artists on SpinRecords.com are expected to benefit greatly from the new subscription service, as 60% of the subscription revenue will be divided proportionately among artists according to how many of their songs are downloaded each month. In addition, this subscription service will provide bands a more accurate method of tracking downloads of their music.
The new subscription service addresses both the needs and listening habits of music consumers, as well as the concerns of artists and the recording industry.
It was developed after careful consideration and examination of the recent copyright infringement controversy and litigation surrounding companies like Mp3.com (Nasdaq:MPPP) and Napster, the disappointing results of "pay-per-download" offerings by E-Music (Nasdaq:EMUS) and several of the major labels, and the groundswell movement within the artist community calling for a new model for the music industry at large.
"We are really excited about providing music lovers worldwide with a cost-effective method for accessing and listening to their favorite tunes via the Internet," said Wayne Irving II, president and chief executive officer of Solutions Media Inc. "Downloadable digital music is revolutionizing the music industry and is greatly affecting traditional distribution. We are excited to be providing music fans with cost-effective digital music, while still providing artists with the fruits of their labor."
About SpinRecords.com
SpinRecords.com, the "Original Farm Label," is changing the way that independent artists break into the music scene and providing established artists an alternative distribution channel. Musicians no longer have to go through middlemen or wait to be discovered by that big label.
Through SpinRecords.com, artists can get their music out to a global audience of fans and reap the rewards of their talents now, while receiving an unprecedented 60% of the revenues from sales of their CDs, digital downloads and merchandise. SpinRecords.com is dedicated to providing unmatched, "artist-friendly" services utilizing the technology and proprietary distribution and marketing model of its parent company, Solutions Media.
Solutions Media Inc. (SMI), which also operates Some Music Inc. and EAT'M (Emerging Artists & Talent in Music), is the developer and operator of a leading technology-driven marketing system for any product or product line.
Peacock Financial Corporation is a publicly traded investment holding company, whose portfolio holds 800,000 shares of Solutions Media Inc. Peacock Financial fully reports with the Securities & Exchange Commission as a BDC (Business Development Corporation) under the Investment Company Act of 1940, as amended. For more information, go to: www.peacockfinancial.com.
Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission.
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CONTACT:
Peacock Financial Corp.
Steven Peacock, 909/652-3885
or
Stock Enterprises Inc.
(Investor Relations)
James Stock, 702/614-0003
or
National Financial Communications Corp.
Mario "Ike" Iacoviello, 800/878-9460
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