Sony Music Entertainment buys part of IODA

Sony Music Entertainment buys part of IODAThe second-largest of the "big four" music companies of the world – Sony Music Entertainment (SME) on Wednesday announced that it has made investment in longtime independent digital music-distribution (business) company – Independent Online Distribution Alliance (IODA).

Without disclosing the percentage of acquisition, the music biggie controlled by Sony Corporation of America, SME declared that it has acquired part of IODA. SME said that it has partnered with IODA to create distribution and services network for independent rights holders (IRH).

SME already runs its own independent distribution unit, RED, which will now take advantage of IODA network. With its partnership deal with IODA, SME is looking to expand the service capabilities of RED. The SME – IODA deal signifies the growing importance of indie music sector.