News of the finance

...and 25 Million Tracks. Qtrax launches making available 20-30 million tracks floating around on P2P's available for free and legal download via its new ad supported service.

UPDATES:

* WMG, Universal, and Sony BMG all EMI deny deals with Qtrax plus a commentary
* The latest updates on the now delayed Qtrax launch

Users download and launch a player that runs ads while they search for and download tracks. DRM prevents the tracks from being burned and counts the number of times a sonis played to pay the rights holders. But the tracks can be stored onto the computer hard drive or transfered to portable players.

Two help users navigate through 30 million tracks, the site also has sections like 'Last Night' where users can search for new tracks from live concerts that were recorded the night before. as well as music videos, documentaries, interviews and reviews. Add a social networking component and Qtrax could become the ultimate music destination.

Qtrax claims that the service will be compatible with Apple products by March. "We've had a technical breakthrough which enables us to put songs on an iPod without any interference from FairPlay," said Allan Klepfisz, Qtrax's president and chief executive.

ALSO: OurDigitalMusic take a look at Qtrax from the consumer perspective

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