IUMA

Internet Underground Music Archive
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February 10, 2001
      The Internet Underground Music Archive (IUMA) the site that pioneered the digital revolution of music downloads faces a quick death after being sacrificed by it's financial partner, EMusic.

      EMusic acquired IUMA in June of 1999 with the hope that the popular gathering place for unsigned musicians would somehow build market share for the Internet Retailer of mp3 music. After a disappointing year, EMmusic decided not to renew its funding contract with IUMA.

      EMusic is in grave financial trouble after posting a $191 million dollar loss including a write down of the company's non-performing assets.

      IUMA's future is in jeopardy. IUMA is attempting to find new funding but will cease all new operations while it continues to search for a benefactor. However, current artist pages will still be functional and existing artists can modify their pages.