Major label artists become paid bloggers?

LA-based social media site Buzznet, which provides audio, video, blogs and editorial content about the popular music scene, has just received an equity investment from major label Universal Music Group.

Terms and conditions of the deal were not disclosed, but some are estimating the value of the transaction to be as high as $25 million, with both companies equally sharing revenue drawn from UMG's content on the site.

Universal is offering not only downloadable media to Buzznet, but also lending its artists as bloggers and editorialists. Artists will be guest posters on the site, providing exclusive original content that users can comment on and share with others.

This is another move for the Universal Music Group toward putting its artists online in more than just the "traditional" ways. In February, Universal Netherlands struck a deal with webcaster Fabchannel to host ad-supported streams of UMG artists' live performances at two venues in the Netherlands.