MusicNet, DMX to Develop Digital Music Service

MusicNet, the music division of digital entertainment services provider MediaNet Digital, revealed yesterday that is partnering with commercial environment designer DMX to create a digital music service. MusicNet said the new product, called Sonic Tap, will consist of a subscription service and a download store. MusicNet explained that it will power the site by providing the audio and video content library, while DMX will develop a "sonic identity" for the brand. MusicNet is headquartered in Austin, Texas. Its parent company, MediaNet Digital, is based in New York City and is owned by private equity firm Baker Capital.