Music1.com, Powered by Net Element's Visual Recommendation and Music Discovery Engine, is Positioned to Become the Online Centerpiece of Igor Krutoy's Music Enterprise and the Market Leader in CIS Countries
Net Element (OTCQB: NETE), a technology services provider and Internet publisher, today announced a joint venture with famed Russian entertainment icon, record label owner and hit TV show producer, Igor Krutoy, who will become the chairman of Music1.com and a shareholder of Net Element (NETE) following a $2 million investment into the company. The joint venture will culminate in late July with the launch of www.Music1.com, expected to become the online centerpiece of Krutoy's music enterprise and the online music market leader in the Commonwealth of Independent States (CIS) countries.
NETE's Music1.com website will enable users to discover music in new ways through its proprietary recommendation engine that matches visual cues with music playlists and users' preferences. Music1.com will be unveiled and launched in late July at the "New Wave" international contest for emerging pop artists in Jurmala, Latvia. Krutoy, an award-winning composer of nationally recognized soundtracks and founder and owner of one of the largest entertainment platforms in Russia, selected NETE to create the online music destination and entertainment discovery platform for CIS countries. NETE is a technology company that owns and operates several online destinations and has patents pending for music recommendation engines and playlist-building technologies.
Krutoy's purchase of $2 million in common stock will help fund the launch of the Music1.com joint venture. Krutoy and his companies will contribute their music industry expertise, business contacts and capital. NETE will contribute its human, technological and financial resources, including its IP licenses for Music Brain (a visual music recommendation engine), Launchpad (a multi-media management platform), and video streaming technologies.
"After evaluating Net Element's innovative technologies within Music1, I immediately saw the tremendous potential of Music1.com to strongly impact the industry and dominate the CIS markets. Music1 is a natural way to merge my passion for music with a new platform that empowers fans to engage with music in a new way," Krutoy said.
Krutoy's achievements in the music industry can be seen on Russia's hit musical competition television show, "Star Factory," returning in 2012 with its eighth season, and through the annual international competitions "New Wave" and "New Wave Jr.," providing an outlet for emerging young pop artists to showcase their talents.
About Net Element (OTCQB:NETE)
Net Element (OTCQB:NETE) is a global publisher of online destinations and business services on a custom technology platform for Internet and mobile distribution. This platform enables the rapid development, production and distribution of rich media content (HD & 3D), services (SaaS) and branded content in entertainment and news. NETE owns and publishes Internet properties and creates social and business communities in motorsports, music, film and entertainment. Its portfolio includes: www.LegalGuru.com; www.Motorsport.com; www.Openfilm.com; www.Music1.com; www.ARLive.com; and www.Yapik.com. For more information, visit www.NetElement.com.
Editor's Notes: A photograph of Igor Krutoy is available. Interviews may be coordinated upon request.
Contacts:
For Net Element
Roar Media
Nicole Kasak and Tyler
Sminkey, 305-403-2080, Ext. 110 and 114
nicole@roarmedia.com
and tyler@roarmedia.com
www.RoarMedia.com
