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Music giants sue Baidu over music downloads
He also noted that music companies were not well-prepared to embrace the digital music era and encouraged them to explore new business models to provide a legal platform for music search. The group also insisted it "has always been an advocate of improving copyright protection on the Internet and has been in discussion with relevant parties," according to the Standard. Although the music companies are seeking compensation, what they most want is the suspension of services that allow Internet users to gain free access to copyrighted material, the newspaper said. As Internet usage has soared in Asia in recent years, the music industry's revenue has fallen dramatically, largely due to MP3 downloads from unauthorised sources. Baidu.com holds a leading share of China's search market at 37.4 percent. Its stock sale in August on Nasdaq was one of the year's hottest initial public offerings -- with its shares surging 354 percent in one day, prompting some analysts to nickname it the "Chinese Google". Chinese music company Shanghai Busheng Music Culture Media also filed a lawsuit against Baidu in June alleging unauthorised downloads. There has been a growing concern among investors over the company's prospects. Its shares dropped 28 percent in New York Wednesday after two analysts warned the stock was seriously overvalued.
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