Los Angeles - Playlist.com, the music service that filed for bankruptcy earlier this month, owes the major record labels a combined $25 million, but hopes to emerge from the process and raise a new round of equity financing, CNET News.com reports. All of the major labels except Sony filed copyright infringement suits against the service, which allows users to create and share playlists of streaming Web songs -- including songs from unauthorized sources.read more

Los Angeles - The producers of "American Idol" have signed a new multi-year distribution and marketing agreement with major record label Universal Music Group, replacing a previous similar deal with Sony Music.read more

New York - Sony (NYSE: SNE) Music is planning to launch its own online download store for classical music and maybe jazz, All Things D reported, citing sources. The company is reportedly "on track" to add the classical repertoire of the other major labels to the store, which is expected to launch in the fall offering high fidelity, "lossless" format downloads. read more

London - Music video portal Vevo now counts 50 million monthly unique visitors, 80% of which arrive via the service's YouTube channel -- which is available overseas, while the dedicated site is not -- CEO Rio Caraeff told the Financial Times. About 50% of Vevo's 1 billion monthly streams are served in North America, while the rest are delivered outside the U.S. Vevo plans to launch an iPhone application next month, and eventually add ticketing and merchandise sales on the service. read more

Los Angeles - Vevo, the music video portal joint venture between Universal Music, Sony Music and Abu Dhabi Media Company, plans to launch an iPhone application next month, Mashable reports. A Carousel option will cycle through popular videos, while a geolocation feature will suggest local artists based on an iPhone user's physical location. Mashable also reports that Vevo plans to release a separate app for the iPad, and one for Android. read more