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Altnet to share ad cash with labels

The P2P company will split revenue collected by file-swapping companies with certain record labels.

Altnet said Tuesday it would start sharing ad revenue with record labels that agree to distribute their music through peer-to-peer networks. The ad revenue is collected by Kazaa parent Sharman Networks and other file-swapping companies.

The peer-to-peer company has a close relationship with Sharman, seeding the Kazaa network with files that can be legally downloaded. Altnet President Lee Jaffe said Sharman had agreed to put part of its advertising revenue into a pool that will be divided among any music companies that allow their songs to be downloaded by Kazaa users. If other file-swapping companies join in, that pool could reach into the millions of dollars by the close of 2005, Jaffe said.