Russian billionaire Len Blavatnik made his billions in metals and oil, but now may be making it in "Heavy Metal," as he's partnered with Warner Music Group (WMG) and Sony BMG Music Entertainment to form a new digital music venture in Russia.
In an email statement issued by Blavatnik's holding company Access Industries Holdings LLC, he said the new company, called Digital Access, will offer "full-track audio downloads, ring tones, ring-back tones, video clips and full color images." The new venture will operate in Russia and the countries of the former Soviet Union.
Warner Music International Chairman and Chief Executive Officer Patrick Vien said in the statement "This is a strategic investment that we believe will play a pivotal role in unlocking the potential of the dynamic Russian music market."
Russia is considered one of the top music pirate companies in the world, so it will be a good experiment to watch to see if it makes in impact similar to Apple iTunes (AAPL) where a lot of people legally downloaded and paid for music they wanted.
Official launch of the new download site will be sometime in the fall. Blavatnik was born in Russia, but also has U.S. citizenship.
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