By STEVEN SCHWANKERT
(Virtual China News -- Mar. 28) San Francisco-based set-top box service MyWeb (Ticker: MYWB) announced Monday that it had reached agreement with the International Federation of the Phonographic Industry (IFPI), ending a lawsuit that threatened the company's reputation.
Filed in a Beijing court in December, 1999, the IFPI suit claimed that MyWeb violated the copyrights of IFPI members, including China Records, Sony Music, Universal Music and Warner Music, by allowing users to download unauthorized MP3 copies of songs.
The announcement comes two days after China banned the sale of music in MP3 format, allegedly as an anti-piracy measure.
MyWeb's latest move continues a recent roller-coaster ride for the company. While listing on the American Stock Exchange (Amex) earlier this month was seen as a positive move, the company's stock has languished near the bottom of its 52-week range.
Sales of set-top boxes, at the core of the company's business plan, remain flat in China. However, in recent weeks MyWeb has been able to sign content deals with major Chinese-language sites such as baby care site Yaolan.com and sports portal Shawei.
Related articles:
MyWeb Takes Stock Before Amex Listing
(Mar. 10, 2000)
5 Recording Studios Sue Over Internet Music Piracy in China (Dec. 17, 1999)
China's Army of CD Pirates Pillage Inudstry's Legitimate Gains (Jan. 20, 2000)
