Retailer HMV Canada unveiled a new service today called The Vault, which is a subscription-based streaming digital music service. The service will charge a monthly fee of either $4.99 to listen on a computer or $9.99 to put it on mobile devices. HMV says customers will have access to a library of over 3 million tracks, and they also have plans to add movies in the future.
“We absolutely believe we should provide people with music in any way they choose to experience it, whether that’s (to) download, stream it…or come into stores and buy it physically,” HMV Canada President Nick Williams said.
“It’s a complimentary service to what we already do. It’s not about buying tracks or albums one at a time although that service is there. It’s about allowing people to have access to all of these catalogues and albums and archives of music.”
Last year, HMV Canada was sold by its U.K. parent last year and currently operates 113 retail locations in Canada, down from 125 five years ago. Sounds like HMV Canada maybe hedging its bets in a digital future.