From CNET News.com

Programmers Prepare New, Free MP3 Format A group of open-source developers creates a new music format they say will be completely free and will equal or better the quality of the download music technology. Napster to Cut Deals With Independent Labels The song-swapping software maker plans to forge a series of relationships with unsigned artists and independent labels to make their music available through its software. EMusic.com to Lay Off 20 Percent of Staff The online music retailer says it will lay off 20 percent of its work force as a cost-saving measure, leaving the company with 180 employees.

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From Webnoize

CDnow Slashes European Office, Shares Cut by 26 Percent CDnow's shares tumbled 26 percent yesterday on the news that it closed its European office in London. IAM.com Lays Off 25 Percent of Employees, CEO Leaves Mere months after raising $36 million to develop a Web site linking musicians, actors, and models with industry professionals, IAM.com has laid off one-fourth of its 100 employees, and the company's CEO has resigned. Gigabeat Takes Two-Pronged Approach to Online Music California-based downloadable music search company Gigabeat is taking a two-pronged business approach, going after both the B-to-C and B-to-B markets.

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Expert Sound-Off: Ken Wirt of Riffage.com
What lessons could the music industry learn from video games? What makes a music site work? How will the Web take music distribution back, in a sense, to the '60s? All this and more in this installment of Expert Sound Off.

MP3 Insider: Indie-Sent Exposure
In the last MP3 Insider, we explained how the "Big 5" record companies stole $500 million from you and the rest of the record-buying public. Find out what part independent record stores played in the price-fixing scheme, as well as how Napster and the Internet will actually help these small stores.