Ritmoteca.com was an

online music store A digital music store is a business that sells digital audio files of music recordings over the Internet. Customers gain ownership of a license to use the files, in contrast to a music streaming service, where they listen to recordings withou ...

. Founded in

Miami Miami is a East Coast of the United States, coastal city in the U.S. state of Florida and the county seat of Miami-Dade County, Florida, Miami-Dade County in South Florida. It is the core of the Miami metropolitan area, which, with a populat ...

Florida Florida ( ; ) is a U.S. state, state in the Southeastern United States, Southeastern region of the United States. It borders the Gulf of Mexico to the west, Alabama to the northwest, Georgia (U.S. state), Georgia to the north, the Atlantic ...

, in 1998 during the

Dot-com bubble The dot-com bubble (or dot-com boom) was a stock market bubble that ballooned during the late-1990s and peaked on Friday, March 10, 2000. This period of market growth coincided with the widespread adoption of the World Wide Web and the Interne ...

by Ivan Parron, the company was a Latin music download website and an early predecessor to

Apple Inc. Apple Inc. is an American multinational corporation and technology company headquartered in Cupertino, California, in Silicon Valley. It is best known for its consumer electronics, software, and services. Founded in 1976 as Apple Comput ...

iTunes iTunes is a media player, media library, and mobile device management (MDM) utility developed by Apple. It is used to purchase, play, download and organize digital multimedia on personal computers running the macOS and Windows operating s ...

business model of selling digital music downloads over the Internet. Ivan Parron founded the company after operating the web development company Internet Marketing Consultants, which designed Ritmoteca's user interface. Ritmoteca.com aggregated exclusive digital distribution rights from over one hundred independent Latin music record labels and amassed a library of over 500,000 music tracks and videos, including exclusive digital distribution rights to catalogs of Latin artists such as

Marc Anthony Marco Antonio Muñiz (born September 16, 1968), known professionally as Marc Anthony, is an American singer and actor. He is the top selling salsa artist of all time. A four-time Grammy Award, eight-time Latin Grammy Award and twenty-nine-tim ...

Tito Puente Ernest Anthony Puente Jr. (April 20, 1923 – May 31, 2000), commonly known as Tito Puente, was an American musician, songwriter, bandleader, timbalero, and record producer. He composed dance-oriented mambo and Latin jazz music. He was also k ...

and

Celia Cruz Celia Caridad Cruz Alfonso (21 October 1925 – 16 July 2003), known as Celia Cruz, was a Cuban singer and one of the most popular Latin artists of the 20th century. Cruz rose to fame in Cuba during the 1950s as a singer of , earning the nickna ...

. The company was signed digital distribution agreements with major record labels, signing agreements with

Universal Music Group Universal Music Group N.V. (often abbreviated as UMG and referred to as Universal Music Group or Universal Music) is a Netherlands, Dutch–United States, American multinational Music industry, music corporation under Law of the Netherlands, ...

Sony Music Entertainment Sony Music Entertainment (SME), commonly known as Sony Music, is an American multinational music company owned by Japanese conglomerate Sony Group Corporation. It is the recording division of Sony Music Group, with the other half being the ...

Bertelsmann Music Group Bertelsmann Music Group (BMG) was a division of a German media company Bertelsmann before its completion of sale of the majority of its assets to Sony Corporation of America on 1 October 2008. Although it was established in 1987, the music c ...

and

Warner Music Group Warner Music Group Corp., commonly abbreviated as WMG, is an American Multinational corporation, multinational entertainment and record label Conglomerate (company), conglomerate headquartered in New York City. It is one of the "Record label#M ...

. These agreements gave the company digital distribution rights for artists such as U2,

Madonna Madonna Louise Ciccone ( ; born August 16, 1958) is an American singer, songwriter, record producer, and actress. Referred to as the "Queen of Pop", she has been recognized for her continual reinvention and versatility in music production, ...

Britney Spears Britney Jean Spears (born December 2, 1981) is an American singer. Often referred to as the "Princess of Pop", she has sold over 150 million records worldwide, making her one of the world's best-selling music artists. Cultural impact of Brit ...

Enrique Iglesias Enrique Miguel Iglesias Preysler (; born 8 May 1975) is a Spanish singer and songwriter. He started his recording career in the mid-1990s on the Mexican label Fonovisa where he released three Spanish albums ''Enrique Iglesias (album), Enrique ...

and

Jay-Z Shawn Corey Carter (born December 4, 1969), known professionally as Jay-Z, is an American Rapping, rapper, businessman, and record executive. Rooted in East Coast hip-hop, he was named Billboard and Vibe's 50 Greatest Rappers of All Time, the ...

. The company grew to as many as 200 employees through investments from institutional and "angel" investors including

Bain Capital Bain Capital, LP is an American Investment company, private investment firm based in Boston, Massachusetts, Boston, Massachusetts, with around $185 billion of assets under management. It specializes in private equity, venture capital, credit, p ...

. The company was poised to launch an initial public offering when the Dot-com bubble stock market suddenly crashed on April 14, 2000. That event, combined with the emergence of the company

Napster Napster was an American proprietary peer-to-peer (P2P) file sharing application primarily associated with digital audio file distribution. Founded by Shawn Fanning and Sean Parker, the platform originally launched on June 1, 1999. Audio shared ...

on the music scene, enabling people to trade music online for free, made it virtually impossible for the company to raise additional venture capital. The company evolved into a distributor of digital music rights and eventually closed down in 2005.

References

{{Authority control Online music stores of the United States Defunct digital music services or companies Defunct companies based in Florida Defunct mass media companies of the United States Defunct online companies of the United States 1998 establishments in Florida 2003 disestablishments in Florida Music retailers of the United States Bain Capital companies