Return to Transcripts main page
CNN Live At Daybreak
Two MIT Students Create Free, Legal Music Delivery System
Aired October 27, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' Two MIT students are trying to help fellow classmates access free and legal Internet music.
Carrie Lee explains from the Nasdaq market site in Times Square.
Good morning to you -- Carrie Lee.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning to you, Heidi, thank you.
Well a lot of college campuses have sort of been caught in the middle between students swapping songs in an illegal way and trying to stay in a good standing with the music industry. Well now two college students have devised a way to distribute free music to dorm rooms. And this new music delivery system is going to be unveiled today at the Massachusetts Institute of Technology.
Now the campus television network is really the means that they are going to use to carry the songs into dorm rooms and faculty offices. And here is how it's going to work. Students will be able to choose from 3,500 CDs, everything from contemporary hits to jazz. You log onto your computer onto the Web site, which is Lamp.MIT.EDU, put in a password and then you can make your selection. Sort of like a PC jukebox software. Instead of going through computer speakers, the songs come from the TV or external stereo speakers.
And here's the key, the songs are distributed in analog form so they can avoid digital copyright laws. The sound isn't as great as a CD, a little bit better than FM. though. You can't copy the music to an MP3 player or CD. But still, the college and universities are hoping that this type of thing will catch on. And it's legal, so that is -- that's the big selling point here. So interesting development from MIT.
Meanwhile, the futures look mixed. Look like we -- looks like we could see a little bit of selling for stocks this morning. Technology issues, though, holding up OK, so we could see a little bit of a bright spot there. Also the "Boston Globe" reporting that Bank of America is set to buy FleetBoston for $47 billion in stock. And, Heidi, the price here a 40 percent premium based on Fleet's stock closing price on Friday. So those two names certainly stocks to watch this Monday morning.
COLLINS: All right, stocks to watch, and you are watching it all. Carrie, thanks so much this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired October 27, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
HEIDI COLLINS, CNN ANCHOR: Time now for a little 'Business Buzz.' Two MIT students are trying to help fellow classmates access free and legal Internet music.
Carrie Lee explains from the Nasdaq market site in Times Square.
Good morning to you -- Carrie Lee.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning to you, Heidi, thank you.
Well a lot of college campuses have sort of been caught in the middle between students swapping songs in an illegal way and trying to stay in a good standing with the music industry. Well now two college students have devised a way to distribute free music to dorm rooms. And this new music delivery system is going to be unveiled today at the Massachusetts Institute of Technology.
Now the campus television network is really the means that they are going to use to carry the songs into dorm rooms and faculty offices. And here is how it's going to work. Students will be able to choose from 3,500 CDs, everything from contemporary hits to jazz. You log onto your computer onto the Web site, which is Lamp.MIT.EDU, put in a password and then you can make your selection. Sort of like a PC jukebox software. Instead of going through computer speakers, the songs come from the TV or external stereo speakers.
And here's the key, the songs are distributed in analog form so they can avoid digital copyright laws. The sound isn't as great as a CD, a little bit better than FM. though. You can't copy the music to an MP3 player or CD. But still, the college and universities are hoping that this type of thing will catch on. And it's legal, so that is -- that's the big selling point here. So interesting development from MIT.
Meanwhile, the futures look mixed. Look like we -- looks like we could see a little bit of selling for stocks this morning. Technology issues, though, holding up OK, so we could see a little bit of a bright spot there. Also the "Boston Globe" reporting that Bank of America is set to buy FleetBoston for $47 billion in stock. And, Heidi, the price here a 40 percent premium based on Fleet's stock closing price on Friday. So those two names certainly stocks to watch this Monday morning.
COLLINS: All right, stocks to watch, and you are watching it all. Carrie, thanks so much this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
