[UPDATED] Relativity Digital is preparing to sell ArtistDirect and related music sites for a mere $1 million to an undisclosed buyer, according to reports. AritstDirect was one of the pioneer sites in the online music, but in recent years has fallen out of favor. At a time of billion dollar music deals, the $1 million price tag reflects just how unpopular ArtistDirect had become.
Sites in the deal include artistdirect.com, musicandirect.net, ubl.com, ultimatemusic.com, and playlisted.com, according to Deadline.com.
In 2009, ArtistDirect, which had gone public in a blaze of unrealized glory, voluntarily pulled itself off the NASDAQ stock exchange and stopped reports to the SEC. In ArtistDirect's last annual report in 2008, the company had generated $12.1 million in revenues but suffered $48 million in losses.