Document:

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                                                                    EXHIBIT 10.2

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement (this "Agreement") is made and
entered into as of August 28, 2003, by and among Loudeye Corp., a Delaware
corporation (the "Company"), and the investors signatory hereto (each a
"Purchaser" and collectively, the "Purchasers").

         This Agreement is made pursuant to the Securities Purchase Agreement,
dated as of the date hereof among the Company and the Purchasers (the "Purchase
Agreement").

         The Company and the Purchasers hereby agree as follows:

         Definitions. Capitalized terms used and not otherwise defined herein
that are defined in the Purchase Agreement shall have the meanings given such
terms in the Purchase Agreement. As used in this Agreement, the following terms
shall have the following meanings:

                  "Effectiveness Date" means, with respect to the initial
         Registration Statement required to be filed hereunder, the earlier of
         (a) the 120th calendar day following the Closing Date and (b) the fifth
         Trading Day following the date on which the Company is notified by the
         Commission that the Registration Statement will not be reviewed or is
         no longer subject to further review and comments.

                  "Effectiveness Period" shall have the meaning set forth in
         Section 2(a).

                  "Filing Date" means, with respect to the Registration
         Statement required to be filed hereunder, the 45th calendar day
         following the Closing Date.

                  "Holder" or "Holders" means the holder or holders, as the case
         may be, from time to time of Registrable Securities.

                  "Indemnified Party" shall have the meaning set forth in
         Section 5(c).

                  "Indemnifying Party" shall have the meaning set forth in
         Section 5(c).

                  "Losses" shall have the meaning set forth in Section 5(a).

                  "Proceeding" means an action, claim, suit, investigation or
         proceeding (including, without limitation, an investigation or partial
         proceeding, such as a deposition), whether commenced or threatened.

                  "Prospectus" means the prospectus included in the Registration
         Statement (including, without limitation, a prospectus that includes
         any information previously omitted from a prospectus filed as part of
         an
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         effective registration statement in reliance upon Rule 430A promulgated
         under the Securities Act), as amended or supplemented by any prospectus
         supplement, with respect to the terms of the offering of any portion of
         the Registrable Securities covered by the Registration Statement, and
         all other amendments and supplements to the Prospectus, including
         post-effective amendments, and all material incorporated by reference
         or deemed to be incorporated by reference in such Prospectus.

                  "Registrable Securities" means the Shares and the Warrant
         Shares, together with any securities issued or issuable upon any stock
         split, dividend or other distribution, recapitalization or similar
         event with respect to the foregoing.

                  "Registration Statement" means the registration statements
         required to be filed hereunder, including (in each case) the
         Prospectus, amendments and supplements to the registration statement or
         Prospectus, including pre- and post-effective amendments, all exhibits
         thereto, and all material incorporated by reference or deemed to be
         incorporated by reference in the registration statement.

                  "Rule 415" means Rule 415 promulgated by the Commission
         pursuant to the Securities Act, as such Rule may be amended from time
         to time, or any similar rule or regulation hereafter adopted by the
         Commission having substantially the same effect as such Rule.

                  "Rule 424" means Rule 424 promulgated by the Commission
         pursuant to the Securities Act, as such Rule may be amended from time
         to time, or any similar rule or regulation hereafter adopted by the
         Commission having substantially the same effect as such Rule.

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Shares" means the shares of Common Stock issued pursuant to
         the Purchase Agreement.

                  "Warrant" shall mean the warrant issued pursuant to the
         Purchase Agreement.

                  "Warrant Shares" means the shares of Common Stock issued upon
         exercise of the Warrants.

         Registration.

                  On or prior to the Filing Date, the Company shall prepare and
         file with the Commission the Registration Statement covering the resale
         of all of the Registrable Securities for an offering to be made on a
         continuous basis pursuant to Rule 415. The Registration Statement
         required hereunder shall be on Form S-3 (except if the Company
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         is not then eligible to register for resale the Registrable Securities
         on Form S-3, in which case the Registration shall be on another
         appropriate form in accordance herewith). The Registration Statement
         required hereunder shall contain (except if otherwise directed by the
         Holders and except to the extent the Company determines that
         modifications thereto are required by applicable law or to satisfy
         comments of the Commission) the "Plan of Distribution" attached hereto
         as Annex A. The Company shall use its commercially reasonable efforts
         to cause the Registration Statement to be declared effective under the
         Securities Act as promptly as possible after the filing thereof, but in
         any event not later than the Effectiveness Date, and shall use its
         commercially reasonable efforts to keep the Registration Statement
         continuously effective under the Securities Act until the later date
         when all Registrable Securities covered by the Registration Statement
         (a) have been sold pursuant to the Registration Statement or an
         exemption from the registration requirements of the Securities Act or
         (b) may be sold without volume restrictions pursuant to Rule 144(k) as
         determined by the counsel to the Company pursuant to a written opinion
         letter to such effect, addressed and acceptable to the Company's
         transfer agent and the affected Holders (the "Effectiveness Period").

                  If: (i) a Registration Statement is not filed on or prior to
         its Filing Date (if the Company files a Registration Statement without
         affording the Holder the opportunity to review and comment on the same
         as required by Section 3(a), the Company shall not be deemed to have
         satisfied this clause (i)), or (ii) the Company fails to file with the
         Commission a request for acceleration in accordance with Rule 461
         promulgated under the Securities Act, within five Trading Days of the
         date that the Company is notified (orally or in writing, whichever is
         earlier) by the Commission that a Registration Statement will not be
         "reviewed," or not subject to further review, or (iii) prior to the
         date when such Registration Statement is first declared effective by
         the Commission, the Company fails to file a pre-effective amendment and
         otherwise respond in writing to comments made by the Commission in
         respect of such Registration Statement within 15 Trading Days after the
         receipt of comments by or notice from the Commission that such
         amendment is required in order for a Registration Statement to be
         declared effective, or (iv) a Registration Statement filed or required
         to be filed hereunder is not declared effective by the Commission on or
         before the Effectiveness Date, or (v) after a Registration Statement is
         first declared effective by the Commission, it ceases for any reason to
         remain continuously effective as to all Registrable Securities for
         which it is required to be effective, or the Holders are not permitted
         to utilize the Prospectus therein to resell such Registrable
         Securities, for in any such cases 15 consecutive Trading Days or 25
         non-consecutive Trading Days during any 12-month period (any such
         failure or breach being referred to as an "Event," and for purposes of
         clause (i) or (iv) the date on which such Event occurs, or for purposes
         of clause (ii) the date on which such five Trading Day period is
         exceeded, or for purposes of clauses (iii) the date which such 15
         Trading Day period is exceeded, or for purposes of clause (v) the date
         on which such 15 or 25 Trading Day period, as applicable, is exceeded
         being referred to as "Event Date"), then in addition to any other
         rights the Holders may have hereunder or under applicable law, on each
         monthly anniversary following an Event Date until the applicable Event
         of Default is cured, the Company shall pay to each Holder an amount in
         cash, as liquidated damages and not as a penalty, equal to 2% of the
         aggregate purchase price paid by such Holder pursuant to the Purchase
         Agreement for any Registrable Securities then held by such
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         Holder (pro-rated on a daily basis for partial months). If the Company
         fails to pay any liquidated damages pursuant to this Section in full
         within seven days after the date payable, the Company will pay interest
         thereon at a rate of 15% per annum (or such lesser maximum amount that
         is permitted to be paid by applicable law) to the Holder, accruing
         daily from the date such liquidated damages are due until such amounts,
         plus all such interest thereon, are paid in full.

         Registration Procedures

         In connection with the Company's registration obligations hereunder,
the Company shall:

                  Not less than three Trading Days prior to the filing of the
         Registration Statement or any related Prospectus or any amendment or
         supplement thereto, the Company shall, (i) furnish to the Holders
         copies of all such documents proposed to be filed (including documents
         incorporated or deemed incorporated by reference to the extent
         requested by such Person) which documents will be subject to the review
         of such Holders, and (ii) cause its officers and directors, counsel and
         independent certified public accountants to respond to such inquiries
         as shall be necessary, in the reasonable opinion of respective counsel
         to conduct a reasonable investigation within the meaning of the
         Securities Act. The Company shall not file the Registration Statement
         or any such Prospectus or any amendments or supplements thereto to
         which the Holders of a majority of the Registrable Securities shall
         reasonably object in good faith.

                  (i) Prepare and file with the Commission such amendments,
         including post-effective amendments, to the Registration Statement and
         the Prospectus used in connection therewith as may be necessary to keep
         the Registration Statement continuously effective as to the applicable
         Registrable Securities for the Effectiveness Period and prepare; (ii)
         cause the related Prospectus to be amended or supplemented by any
         required Prospectus supplement, and as so supplemented or amended to be
         filed pursuant to Rule 424; (iii) respond as promptly as reasonably
         possible, and in any event within 15 Trading Days, to any comments
         received from the Commission with respect to the Registration Statement
         or any amendment thereto and, as promptly as reasonably possible, upon
         request, provide the Holders true and complete copies of all
         correspondence from and to the Commission relating to the Registration
         Statement; and (iv) comply in all material respects with the provisions
         of the Securities Act and the Exchange Act with respect to the
         disposition of all Registrable Securities covered by the Registration
         Statement during the applicable period in accordance with the intended
         methods of disposition by the Holders thereof set forth in the
         Registration Statement as so amended or in such Prospectus as so
         supplemented.

                  Notify the Holders of Registrable Securities to be sold as
         promptly as reasonably possible (and, in the case of (i)(A) below, not
         less than two Trading Days prior to such filing) and (if requested by
         any such Person) confirm such notice in writing promptly following the
         day (i)(A) when a Prospectus or any Prospectus supplement or
         post-effective amendment to the Registration Statement is proposed to
         be filed; (B) when the Commission notifies the Company whether there
         will be a "review" of the Registration Statement and whenever the
         Commission comments in writing on the
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         Registration Statement (the Company shall upon request provide true and
         complete copies thereof and all written responses thereto to each of
         the Holders); and (C) with respect to the Registration Statement or any
         post-effective amendment, when the same has become effective; (ii) of
         any request by the Commission or any other Federal or state
         governmental authority during the period of effectiveness of the
         Registration Statement for amendments or supplements to the
         Registration Statement or Prospectus or for additional information;
         (iii) of the issuance by the Commission or any other federal or state
         governmental authority of any stop order suspending the effectiveness
         of the Registration Statement covering any or all of the Registrable
         Securities or the initiation of any Proceedings for that purpose; (iv)
         of the receipt by the Company of any notification with respect to the
         suspension of the qualification or exemption from qualification of any
         of the Registrable Securities for sale in any jurisdiction, or the
         initiation or threatening of any Proceeding for such purpose; and (v)
         of the occurrence of any event or passage of time that makes the
         financial statements included in the Registration Statement ineligible
         for inclusion therein or any statement made in the Registration
         Statement or Prospectus or any document incorporated or deemed to be
         incorporated therein by reference untrue in any material respect or
         that requires any revisions to the Registration Statement, Prospectus
         or other documents so that, in the case of the Registration Statement
         or the Prospectus, as the case may be, it will not contain any untrue
         statement of a material fact or omit to state any material fact
         required to be stated therein or necessary to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading.

                  Use its commercially reasonable efforts to avoid the issuance
         of, or, if issued, obtain the withdrawal of (i) any order suspending
         the effectiveness of the Registration Statement, or (ii) any suspension
         of the qualification (or exemption from qualification) of any of the
         Registrable Securities for sale in any jurisdiction, at the earliest
         practicable moment.

                  Furnish to each Holder, without charge, at least one conformed
         copy of the Registration Statement and each amendment thereto,
         including financial statements and schedules, all documents
         incorporated or deemed to be incorporated therein by reference to the
         extent requested by such Person, and all exhibits to the extent
         requested by such Person (including those previously furnished or
         incorporated by reference) promptly after the filing of such documents
         with the Commission.

                  Promptly deliver to each Holder, without charge, as many
         copies of the Prospectus or Prospectuses (including each form of
         prospectus) and each amendment or supplement thereto as such Persons
         may reasonably request in connection with resales by the Holder of
         Registrable Securities. The Company hereby consents to the use of such
         Prospectus and each amendment or supplement thereto by each of the
         selling Holders in connection with the offering and sale of the
         Registrable Securities covered by such Prospectus and any amendment or
         supplement thereto, except after the giving on any notice pursuant to
         Section 3(c).

                  Prior to any resale of Registrable Securities by a Holder, use
         its commercially reasonable efforts to register or qualify or cooperate
         with the selling Holders in
<PAGE>
         connection with the registration or qualification (or exemption from
         the Registration or qualification) of such Registrable Securities for
         the resale by the Holder under the securities or Blue Sky laws of such
         jurisdictions within the United States as any Holder reasonably
         requests in writing, to keep each the Registration or qualification (or
         exemption therefrom) effective during the Effectiveness Period and to
         do any and all other acts or things reasonably necessary to enable the
         disposition in such jurisdictions of the Registrable Securities covered
         by the Registration Statement; provided, that the Company shall not be
         required to qualify generally to do business in any jurisdiction where
         it is not then so qualified, subject the Company to any material tax in
         any such jurisdiction where it is not then so subject or file a general
         consent to service of process in any such jurisdiction.

                  If requested by the Holders, cooperate with the Holders to
         facilitate the timely preparation and delivery of certificates
         representing Registrable Securities to be delivered to a transferee
         pursuant to the Registration Statement, which certificates shall be
         free, to the extent permitted by the Purchase Agreement, of all
         restrictive legends, and to enable such Registrable Securities to be in
         such denominations and registered in such names as any such Holders may
         request.

                  Upon the occurrence of any event contemplated by Section
         3(c)(v), as promptly as reasonably possible, prepare a supplement or
         amendment, including a post-effective amendment, to the Registration
         Statement or a supplement to the related Prospectus or any document
         incorporated or deemed to be incorporated therein by reference, and
         file any other required document so that, as thereafter delivered,
         neither the Registration Statement nor such Prospectus will contain an
         untrue statement of a material fact or omit to state a material fact
         required to be stated therein or necessary to make the statements
         therein, in light of the circumstances under which they were made, not
         misleading. If the Company notifies the Holders in accordance with
         clauses (ii) through (v) of Section 3(c) above to suspend the use of
         the use of any Prospectus until the requisite changes to such
         Prospectus have been made, then the Holders shall suspend use of such
         Prospectus. The Company will use its best efforts to ensure that the
         use of the Prospectus may be resumed as promptly as is practicable. The
         Company shall be entitled to exercise its right under this Section 3(i)
         to suspend the availability of a Registration Statement and Prospectus,
         subject to the payment of liquidated damages pursuant to Section 2(b),
         for a period not to exceed 60 consecutive days or 90 total days (which
         need not be consecutive days) in any 12 month period.

                  Comply with all applicable rules and regulations of the
         Commission.

                  The Company may require each selling Holder to furnish to the
         Company a certified statement as to the number of shares of Common
         Stock beneficially owned by such Holder and the natural person or
         persons who has or have voting and dispositive control over the
         Registrable Securities held by such Holder, within three Trading Days
         of the Company's request. During any periods that the Company is unable
         to meet its obligations hereunder with respect to the registration of
         the Registrable Securities solely because any Holder fails to furnish
         such information within three Trading Days of the Company's request,
         any liquidated damages that are accruing at such time shall be tolled
<PAGE>
         and any Event Date that may otherwise occur solely because of such
         delay shall be suspended, until such information is delivered to the
         Company.

         Registration Expenses. All fees and expenses incident to the
performance of or compliance with this Agreement by the Company shall be borne
by the Company whether or not any Registrable Securities are sold pursuant to
the Registration Statement. The fees and expenses referred to in the foregoing
sentence shall include, without limitation, (i) all registration and filing fees
(including, without limitation, fees and expenses (A) with respect to filings
required to be made with the Trading Market on which the Common Stock is then
listed for trading, and (B) in compliance with applicable state securities or
Blue Sky laws), (ii) printing expenses (including, without limitation, expenses
of printing certificates for Registrable Securities and of printing prospectuses
if the printing of prospectuses is reasonably requested by the holders of a
majority of the Registrable Securities included in the Registration Statement),
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Company, (v) Securities Act liability insurance, if the Company
so desires such insurance, and (vi) fees and expenses of all other Persons
retained by the Company in connection with the consummation of the transactions
contemplated by this Agreement. In addition, the Company shall be responsible
for all of its internal expenses incurred in connection with the consummation of
the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or
accounting duties), the expense of any annual audit and the fees and expenses
incurred in connection with the listing of the Registrable Securities on any
securities exchange as required hereunder. In no event shall the Company be
responsible for any broker or similar commissions, or, except to the extent
provided for in the Transaction Documents, any legal fees or other costs of the
Holders.

         Indemnification

                  Indemnification by the Company. The Company shall,
         notwithstanding any termination of this Agreement, indemnify and hold
         harmless each Holder, the officers, directors, agents and employees of
         each of them, each Person who controls any such Holder (within the
         meaning of Section 15 of the Securities Act or Section 20 of the
         Exchange Act) and the officers, directors, agents and employees of each
         such controlling Person, to the fullest extent permitted by applicable
         law, from and against any and all losses, claims, damages, liabilities,
         costs (including, without limitation, reasonable attorneys' fees) and
         expenses (collectively, "Losses"), as incurred, to the extent arising
         out of or relating to any untrue or alleged untrue statement of a
         material fact contained in the Registration Statement, any Prospectus
         or any form of prospectus or in any amendment or supplement thereto or
         in any preliminary prospectus, or arising out of or relating to any
         omission or alleged omission of a material fact required to be stated
         therein or necessary to make the statements therein (in the case of any
         Prospectus or form of prospectus or supplement thereto, in light of the
         circumstances under which they were made) not misleading, except to the
         extent, but only to the extent, that (1) such untrue statements or
         omissions or alleged untrue statements or omissions are based upon
         information regarding such Holder furnished in writing to the Company
         by such Holder expressly for use therein, or to the extent that such
         information relates to such Holder or such Holder's proposed method of
         distribution of Registrable Securities and was reviewed and expressly
         approved in writing by such Holder expressly for use in the
         Registration
<PAGE>
         Statement, such Prospectus or such form of Prospectus or in any
         amendment or supplement thereto (it being understood that the Holder
         has approved Annex A hereto for this purpose) or (2) in the case of an
         occurrence of an event of the type specified in Section 3(c)(ii)-(v),
         the use by such Holder of an outdated or defective Prospectus after the
         Company has notified such Holder in writing that the Prospectus is
         outdated or defective and prior to the receipt by such Holder of the
         Advice contemplated in Section 6(d). The Company shall notify the
         Holders promptly of the institution, threat or assertion of any
         Proceeding of which the Company is aware in connection with the
         transactions contemplated by this Agreement.

                  Indemnification by Holders. Each Holder shall, severally and
         not jointly, indemnify and hold harmless the Company, its directors,
         officers, agents and employees, each Person who controls the Company
         (within the meaning of Section 15 of the Securities Act and Section 20
         of the Exchange Act), and the directors, officers, agents or employees
         of such controlling Persons, to the fullest extent permitted by
         applicable law, from and against all Losses, as incurred, to the extent
         arising out of or based upon: (x) such Holder's failure to comply with
         the prospectus delivery requirements of the Securities Act or (y) any
         untrue or alleged untrue statement of a material fact contained in any
         Registration Statement, any Prospectus, or any form of prospectus, or
         in any amendment or supplement thereto or in any preliminary
         prospectus, or arising out of or relating to any omission or alleged
         omission of a material fact required to be stated therein or necessary
         to make the statements therein not misleading (i) to the extent, but
         only to the extent, that such untrue statement or omission is contained
         in any information so furnished in writing by such Holder to the
         Company specifically for inclusion in the Registration Statement or
         such Prospectus or (ii) to the extent that (1) such untrue statements
         or omissions are based solely upon information regarding such Holder
         furnished in writing to the Company by such Holder expressly for use
         therein, or to the extent that such information relates to such Holder
         or such Holder's proposed method of distribution of Registrable
         Securities and was reviewed and expressly approved in writing by such
         Holder expressly for use in the Registration Statement (it being
         understood that the Holder has approved Annex A hereto for this
         purpose), such Prospectus or such form of Prospectus or in any
         amendment or supplement thereto or (2) in the case of an occurrence of
         an event of the type specified in Section 3(c)(ii)-(v), the use by such
         Holder of an outdated or defective Prospectus after the Company has
         notified such Holder in writing that the Prospectus is outdated or
         defective and prior to the receipt by such Holder of the Advice
         contemplated in Section 6(d). In no event shall the liability of any
         selling Holder hereunder be greater in amount than the dollar amount of
         the net proceeds received by such Holder upon the sale of the
         Registrable Securities giving rise to such indemnification obligation.

                  Conduct of Indemnification Proceedings. If any Proceeding
         shall be brought or asserted against any Person entitled to indemnity
         hereunder (an "Indemnified Party"), such Indemnified Party shall
         promptly notify the Person from whom indemnity is sought (the
         "Indemnifying Party") in writing, and the Indemnifying Party shall have
         the right to assume the defense thereof, including the employment of
         counsel reasonably satisfactory to the Indemnified Party and the
         payment of all fees and expenses incurred in connection with defense
         thereof; provided, that the failure of any Indemnified Party to give
         such
<PAGE>
         notice shall not relieve the Indemnifying Party of its obligations or
         liabilities pursuant to this Agreement, except (and only) to the extent
         that it shall be finally determined by a court of competent
         jurisdiction (which determination is not subject to appeal or further
         review) that such failure shall have prejudiced the Indemnifying Party.

                  An Indemnified Party shall have the right to employ separate
         counsel in any such Proceeding and to participate in the defense
         thereof, but the fees and expenses of such counsel shall be at the
         expense of such Indemnified Party or Parties unless: (1) the
         Indemnifying Party has agreed in writing to pay such fees and expenses;
         (2) the Indemnifying Party shall have failed promptly to assume the
         defense of such Proceeding and to employ counsel reasonably
         satisfactory to such Indemnified Party in any such Proceeding; or (3)
         the named parties to any such Proceeding (including any impleaded
         parties) include both such Indemnified Party and the Indemnifying
         Party, and such Indemnified Party shall have been advised by counsel
         that a conflict of interest is likely to exist if the same counsel were
         to represent such Indemnified Party and the Indemnifying Party (in
         which case, if such Indemnified Party notifies the Indemnifying Party
         in writing that it elects to employ separate counsel at the expense of
         the Indemnifying Party, the Indemnifying Party shall not have the right
         to assume the defense thereof and the reasonable fees and expenses of
         one separate counsel shall be at the expense of the Indemnifying
         Party). The Indemnifying Party shall not be liable for any settlement
         of any such Proceeding effected without its written consent, which
         consent shall not be unreasonably withheld. No Indemnifying Party
         shall, without the prior written consent of the Indemnified Party,
         effect any settlement of any pending Proceeding in respect of which any
         Indemnified Party is a party, unless such settlement includes an
         unconditional release of such Indemnified Party from all liability on
         claims that are the subject matter of such Proceeding.

                  All reasonable fees and expenses of the Indemnified Party
         (including reasonable fees and expenses to the extent incurred in
         connection with investigating or preparing to defend such Proceeding in
         a manner not inconsistent with this Section) shall be paid to the
         Indemnified Party, as incurred, within ten Trading Days of written
         notice thereof to the Indemnifying Party; provided, that the
         Indemnified Party shall promptly reimburse the Indemnifying Party for
         that portion of such fees and expenses applicable to such actions for
         which such Indemnified Party is not entitled to indemnification
         hereunder, determined based upon the relative faults of the parties.

                  Contribution. If a claim for indemnification under Section
         5(a) or 5(b) is unavailable to an Indemnified Party (by reason of
         public policy or otherwise), then each
<PAGE>
         Indemnifying Party, in lieu of indemnifying such Indemnified Party,
         shall contribute to the amount paid or payable by such Indemnified
         Party as a result of such Losses, in such proportion as is appropriate
         to reflect the relative fault of the Indemnifying Party and Indemnified
         Party in connection with the actions, statements or omissions that
         resulted in such Losses as well as any other relevant equitable
         considerations. The relative fault of such Indemnifying Party and
         Indemnified Party shall be determined by reference to, among other
         things, whether any action in question, including any untrue or alleged
         untrue statement of a material fact or omission or alleged omission of
         a material fact, has been taken or made by, or relates to information
         supplied by, such Indemnifying Party or Indemnified Party, and the
         parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such action, statement or omission.
         The amount paid or payable by a party as a result of any Losses shall
         be deemed to include, subject to the limitations set forth in Section
         5(c), any reasonable attorneys' or other reasonable fees or expenses
         incurred by such party in connection with any Proceeding to the extent
         such party would have been indemnified for such fees or expenses if the
         indemnification provided for in this Section was available to such
         party in accordance with its terms.

                  The parties hereto agree that it would not be just and
         equitable if contribution pursuant to this Section 5(d) were determined
         by pro rata allocation or by any other method of allocation that does
         not take into account the equitable considerations referred to in the
         immediately preceding paragraph. Notwithstanding the provisions of this
         Section 5(d), no Holder shall be required to contribute, in the
         aggregate, any amount in excess of the amount by which the proceeds
         actually received by such Holder from the sale of the Registrable
         Securities subject to the Proceeding exceeds the amount of any damages
         that such Holder has otherwise been required to pay by reason of such
         untrue or alleged untrue statement or omission or alleged omission,
         except in the case of fraud by such Holder. The indemnity and
         contribution agreements contained in this Section are in addition to
         any liability that the Indemnifying Parties may have to the Indemnified
         Parties.

         Miscellaneous

                  Remedies. In the event of a breach by the Company or by a
         Holder, of any of their obligations under this Agreement, each Holder
         or the Company, as the case may be, in addition to being entitled to
         exercise all rights granted by law and under this Agreement, including
         recovery of damages, will be entitled to specific performance of its
         rights under this Agreement. The Company and each Holder agree that
         monetary damages would not provide adequate compensation for any losses
         incurred by reason of a breach by it of any of the provisions of this
         Agreement and hereby further agrees that, in the event of any action
         for specific performance in respect of such breach, it shall waive the
         defense that a remedy at law would be adequate.

                  No Piggyback on Registrations. Except as set forth on Schedule
         6(b) attached hereto, neither the Company nor any of its security
         holders (other than the Holders in
<PAGE>
         such capacity pursuant hereto) may include securities of the Company in
         the initial Registration Statement other than the Registrable
         Securities, and the Company shall not after the date hereof enter into
         any agreement providing any such right to any of its security holders.
         Except as set forth in the SEC Reports, no Person has any right to
         cause the Company to effect the registration under the Securities Act
         of any securities of the Company. The Company shall not file any other
         registration statement until after the Effective Date other than
         registration statements on Form S-8.

                  Compliance. Each Holder covenants and agrees that it will
         comply with the prospectus delivery requirements of the Securities Act
         as applicable to it in connection with sales of Registrable Securities
         pursuant to the Registration Statement.

                  Discontinued Disposition. Each Holder agrees by its
         acquisition of such Registrable Securities that, upon receipt of a
         notice from the Company of the occurrence of any event of the kind
         described in Section 3(c), such Holder will forthwith discontinue
         disposition of such Registrable Securities under the Registration
         Statement until such Holder's receipt of the copies of the supplemented
         Prospectus and/or amended Registration Statement or until it is advised
         in writing (the "Advice") by the Company that the use of the applicable
         Prospectus may be resumed, and, in either case, has received copies of
         any additional or supplemental filings that are incorporated or deemed
         to be incorporated by reference in such Prospectus or Registration
         Statement. The Company may provide appropriate stop orders to enforce
         the provisions of this paragraph.

                  Piggy-Back Registrations. If at any time during the
         Effectiveness Period there is not an effective Registration Statement
         covering all of the Registrable Securities and the Company shall
         determine to prepare and file with the Commission a registration
         statement relating to an offering for its own account or the account of
         others under the Securities Act of any of its equity securities, other
         than on Form S-4 or Form S-8 (each as promulgated under the Securities
         Act) or their then equivalents relating to equity securities to be
         issued solely in connection with any acquisition of any entity or
         business or equity securities issuable in connection with the stock
         option or other employee benefit plans, then the Company shall send to
         each Holder a written notice of such determination and, if within
         fifteen days after the date of such notice, any such Holder shall so
         request in writing, the Company shall include in such registration
         statement all or any part of such Registrable Securities such Holder
         requests to be registered, subject to customary underwriter cutbacks
         applicable to all holders of registration rights.

                  Amendments and Waivers. The provisions of this Agreement,
         including the provisions of this sentence, may not be amended, modified
         or supplemented, and waivers or consents to departures from the
         provisions hereof may not be given, unless the same shall be in writing
         and signed by the Company and the Holders representing two-thirds of
         the then outstanding Registrable Securities.

                  Notices. Any and all notices or other communications or
         deliveries required or permitted to be provided hereunder shall be in
         writing and shall be deemed given and effective on the earliest of (i)
         the date of transmission, if such notice or communication is delivered
         via facsimile at the facsimile number provided for below prior to 6:30
         p.m.
<PAGE>
         (New York City time) on a Trading Day, (ii) the Trading Day after the
         date of transmission, if such notice or communication is delivered via
         facsimile at the facsimile number provided for below later than 6:30
         p.m. (New York City time) on any date and earlier than 11:59 p.m. (New
         York City time) on such date, (iii) the Trading Day following the date
         of mailing, if sent by nationally recognized overnight courier service,
         or (iv) upon actual receipt by the party to whom such notice is
         required to be given. The address for such notices and communications
         shall be delivered and addressed as set forth in the Purchase Agreement

                  Successors and Assigns. This Agreement shall inure to the
         benefit of and be binding upon the successors and permitted assigns of
         each of the parties and shall inure to the benefit of each Holder.
         Except to its successors, the Company may not assign its rights or
         obligations hereunder without the prior written consent of each Holder.
         Each Holder may assign their respective rights hereunder in the manner
         and to the Persons as permitted under the Purchase Agreement.

                  Execution and Counterparts. This Agreement may be executed in
         any number of counterparts, each of which when so executed shall be
         deemed to be an original and, all of which taken together shall
         constitute one and the same Agreement. In the event that any signature
         is delivered by facsimile transmission, such signature shall create a
         valid binding obligation of the party executing (or on whose behalf
         such signature is executed) the same with the same force and effect as
         if such facsimile signature were the original thereof.

                  Governing Law. All questions concerning the construction,
         validity, enforcement and interpretation of this Agreement shall be
         governed by and construed and enforced in accordance with the internal
         laws of the State of New York, without regard to the principles of
         conflicts of law thereof. Each party agrees that all legal proceedings
         concerning the interpretations, enforcement and defense of the
         transactions contemplated by this Agreement (whether brought against a
         party hereto or its respective affiliates, directors, officers,
         shareholders, employees or agents) shall be commenced exclusively in
         the state and federal courts sitting in the City of New York, New York.
         Each party hereto hereby irrevocably submits to the exclusive
         jurisdiction of the state and federal courts sitting in the City of New
         York, New York for the adjudication of any dispute hereunder or in
         connection herewith or with any transaction contemplated hereby or
         discussed herein (including with respect to the enforcement of the any
         of this Agreement), and hereby irrevocably waives, and agrees not to
         assert in any suit, action or proceeding, any claim that it is not
         personally subject to the jurisdiction of any such court, that such
         suit, action or proceeding is improper. Each party hereto hereby
         irrevocably waives personal service of process and consents to process
         being served in any such suit, action or proceeding by delivering a
         copy thereof via overnight delivery (with evidence of delivery) to such
         party at the address in effect for notices to it under this Agreement
         and agrees that such service shall constitute good and sufficient
         service of process and notice thereof. Nothing contained herein shall
         be deemed to limit in any way any right to serve process in any manner
         permitted by law. Each party hereto hereby irrevocably waives, to the
         fullest extent permitted by applicable law, any and all right to trial
         by jury in any legal proceeding arising out of or relating to this
         Agreement or the transactions contemplated
<PAGE>
         hereby. If either party shall commence an action or proceeding to
         enforce any provisions of this Agreement, then the prevailing party in
         such action or proceeding shall be reimbursed by the other party for
         its attorneys fees and other costs and expenses incurred with the
         investigation, preparation and prosecution of such action or
         proceeding.

                  Cumulative Remedies. The remedies provided herein are
         cumulative and not exclusive of any remedies provided by law.

                  Severability. If any term, provision, covenant or restriction
         of this Agreement is held by a court of competent jurisdiction to be
         invalid, illegal, void or unenforceable, the remainder of the terms,
         provisions, covenants and restrictions set forth herein shall remain in
         full force and effect and shall in no way be affected, impaired or
         invalidated, and the parties hereto shall use their commercially
         reasonable efforts to find and employ an alternative means to achieve
         the same or substantially the same result as that contemplated by such
         term, provision, covenant or restriction. It is hereby stipulated and
         declared to be the intention of the parties that they would have
         executed the remaining terms, provisions, covenants and restrictions
         without including any of such that may be hereafter declared invalid,
         illegal, void or unenforceable.

                  Headings. The headings in this Agreement are for convenience
         of reference only and shall not limit or otherwise affect the meaning
         hereof.

                  Independent Nature of Purchasers' Obligations and Rights. The
         obligations of each Purchaser hereunder is several and not joint with
         the obligations of any other Purchaser hereunder, and no Purchaser
         shall be responsible in any way for the performance of the obligations
         of any other Purchaser hereunder. Nothing contained herein or in any
         other agreement or document delivered at any closing, and no action
         taken by any Purchaser pursuant hereto or thereto, shall be deemed to
         constitute the Purchasers as a partnership, an association, a joint
         venture or any other kind of entity, or create a presumption that the
         Purchasers are in any way acting in concert with respect to such
         obligations or the transactions contemplated by this Agreement. Each
         Purchaser shall be entitled to protect and enforce its rights,
         including without limitation the rights arising out of this Agreement,
         and it shall not be necessary for any other Purchaser to be joined as
         an additional party in any proceeding for such purpose.

                            *************************
<PAGE>
         IN WITNESS WHEREOF, the parties have executed this Registration Rights
Agreement as of the date first written above.

                                  LOUDEYE CORP.

                                  By: _____________________________________
                                      Name:
                                      Title:

                     [PURCHASERS' SIGNATURE PAGES TO FOLLOW]
<PAGE>
                        [PURCHASER'S RRA SIGNATURE PAGE]

BONANZA MASTER FUND LTD.

By: ____________________________________
Name:
Title:

                     [PURCHASERS' SIGNATURE PAGES TO FOLLOW]
<PAGE>
                        [PURCHASER'S RRA SIGNATURE PAGE]

[HOLDER]

By: ____________________________________
Name:
Title:

                     [PURCHASERS' SIGNATURE PAGES TO FOLLOW]
<PAGE>
                                     ANNEX A
                              Plan of Distribution

         The selling stockholders and any of their pledgees, donees, assignees
and successors-in-interest may, from time to time, sell any or all of their
shares included in this prospectus on any stock exchange, market or trading
facility on which the shares are traded or in private transactions. These sales
may be at fixed or negotiated prices. The selling stockholders may use any one
or more of the following methods when selling shares:

         -        ordinary brokerage transactions and transactions in which the
                  broker-dealer solicits purchasers;

         -        block trades in which the broker-dealer will attempt to sell
                  the shares as agent but may position and resell a portion of
                  the block as principal to facilitate the transaction;

         -        purchases by a broker-dealer as principal and resale by the
                  broker-dealer for its account;

         -        an exchange distribution in accordance with the rules of the
                  applicable exchange;

         -        privately negotiated transactions;

         -        settlement of short sales;

         -        broker-dealers may agree with the selling stockholders to sell
                  a specified number of such shares at a stipulated price per
                  share;

         -        a combination of any such methods of sale; and

         -        any other method permitted pursuant to applicable law.

         The selling stockholders may also sell shares under Rule 144 under the
Securities Act, if available, rather than under this prospectus.

         Broker-dealers engaged by the selling stockholders may arrange for
other brokers-dealers to participate in sales. Broker-dealers may receive
commissions or discounts from the selling stockholders (or, if any broker-dealer
acts as agent for the purchaser of shares, from the purchaser) in amounts to be
negotiated. The selling stockholders do not expect these commissions and
discounts to exceed what is customary in the types of transactions involved.

         The selling stockholders may from time to time pledge or grant a
security interest in some or all of the shares of common stock owned by them
and, if they default in the performance of their secured obligations, the
pledgees or secured parties may offer and sell the shares of common stock from
time to time under this prospectus, or under an amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act
amending the list of selling stockholders to include the pledgee, transferee or
other successors in interest as selling stockholders under this prospectus.
<PAGE>
         The selling stockholders and any broker-dealers or agents that are
involved in selling the shares may be deemed to be "underwriters" within the
meaning of the Securities Act in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act. The selling stockholders have
informed us that they do not have any agreement or understanding, directly or
indirectly, with any person to distribute their shares.

         We are required to pay all fees and expenses incident to the
registration of the shares. We have agreed to indemnify the selling stockholders
against certain losses, claims, damages and liabilities, including liabilities
under the Securities Act.<PAGE>
                                                                    EXHIBIT 10.3

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE OF THIS
SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A
REGISTERED BROKER-DEALER

                          COMMON STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                                  LOUDEYE CORP.

THIS COMMON STOCK PURCHASE WARRANT CERTIFIES that, for value received,
_____________ (the "Holder"), is entitled, upon the terms and subject to the
limitations on exercise and the conditions hereinafter set forth, at any time on
or after February 28, 2004 (the "Initial Exercise Date") and on or prior to the
close of business on the third annual anniversary date of the Initial Exercise
Date (the "Termination Date") but not thereafter, to subscribe for and purchase
from Loudeye Corp., a corporation incorporated in Delaware (the "Company"), up
to ____________ shares (the "Warrant Shares") of common stock, par value $0.001
per share, of the Company (the "Common Stock"). The purchase price of one
Warrant Share (the "Exercise
<PAGE>
Price") under this Warrant shall be $2.00, subject to adjustment hereunder. The
Exercise Price and the number of Warrant Shares for which the Warrant is
exercisable shall be subject to adjustment as provided herein. CAPITALIZED TERMS
USED AND NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS SET FORTH IN THAT
CERTAIN SECURITIES PURCHASE AGREEMENT (THE "PURCHASE AGREEMENT"), DATED AUGUST
28, 2003, BETWEEN THE COMPANY AND THE INVESTORS SIGNATORY THERETO.
<PAGE>
            Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws and Section 7 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole but not in part, at the office
or agency of the Company by the Holder in person or by duly authorized attorney,
upon surrender of this Warrant together with the Assignment Form annexed hereto
properly endorsed. The transferee shall sign an investment letter in form and
substance reasonably satisfactory to the Company.

            Authorization of Shares. The Company covenants that all Warrant
Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon issuance, be duly authorized, validly issued, fully
paid and nonassessable and free from all taxes, liens and charges in respect of
the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

            Exercise of Warrant.

                  (a) Except as provided in Section 4 herein, exercise of the
      purchase rights represented by this Warrant may be made at any time or
      times on or after the Initial Exercise Date and on or before the
      Termination Date by the surrender of this Warrant and the Notice of
      Exercise Form annexed hereto duly executed, at the office of the Company
      (or such other office or agency of the Company as it may designate by
      notice in writing to the registered Holder at the address of such Holder
      appearing on the books of the Company) and upon payment of the Exercise
      Price of the shares thereby purchased by wire transfer or cashier's check
      drawn on a United States bank or by means of a cashless exercise pursuant
      to Section 3(d), the Holder shall be entitled to receive a certificate for
      the number of Warrant Shares so purchased. Certificates for shares
      purchased hereunder shall be delivered to the Holder within five (5)
      Trading Days after the date on which this Warrant shall have been
      exercised as aforesaid. This Warrant shall be deemed to have been
      exercised and such certificate or certificates shall be deemed to have
      been issued, and the Holder or any other person so designated to be named
      therein shall be deemed to have become a holder of record of such shares
      for all purposes, as of the date the Warrant has been exercised by payment
      to the Company of the Exercise Price and all taxes required to be paid by
      the Holder, if any, pursuant to Section 5 prior to the issuance of such
      shares, have been paid. If the Company fails to deliver to the Holder a
      certificate or certificates representing the Warrant Shares pursuant to
      this Section 3(a) by the close of business on the fifth Trading Day after
      the date of exercise, then the Holder will have the right to rescind such
      exercise. In addition to any other rights available to the Holder, if the
      Company fails to deliver to the Holder a certificate or certificates
      representing the Warrant Shares pursuant to an exercise by the close of

<PAGE>
      business on the fifth Trading Day after the date of exercise, and if after
      such fifth Trading Day the Holder is required by its broker to purchase
      (in an open market transaction or otherwise) shares of Common Stock to
      deliver in satisfaction of a sale by the Holder of the Warrant Shares
      which the Holder anticipated receiving upon such exercise (a "Buy-In"),
      then the Company shall (1) pay in cash to the Holder the amount by which
      (x) the Holder's total purchase price (including brokerage commissions, if
      any) for the shares of Common Stock so purchased exceeds (y) the amount
      obtained by multiplying (A) the number of Warrant Shares that the Company
      was required to deliver to the Holder in connection with the exercise at
      issue times (B) the price at which the sell order giving rise to such
      purchase obligation was executed, and (2) at the option of the Holder,
      either reinstate the portion of the Warrant and equivalent number of
      Warrant Shares for which such exercise was not honored or deliver to the
      Holder the number of shares of Common Stock that would have been issued
      had the Company timely complied with its exercise and delivery obligations
      hereunder. For example, if the Holder purchases Common Stock having a
      total purchase price of $11,000 to cover a Buy-In with respect to an
      attempted exercise of shares of Common Stock with an aggregate sale price
      giving rise to such purchase obligation of $10,000, under clause (1) of
      the immediately preceding sentence the Company shall be required to pay
      the Holder $1,000. The Holder shall provide the Company written notice
      indicating the amounts payable to the Holder in respect of the Buy-In,
      together with applicable confirmations and other evidence reasonably
      requested by the Company. Nothing herein shall limit a Holder's right to
      pursue any other remedies available to it hereunder, at law or in equity
      including, without limitation, a decree of specific performance and/or
      injunctive relief with respect to the Company's failure to timely deliver
      certificates representing shares of Common Stock upon exercise of the
      Warrant as required pursuant to the terms hereof.

                  If this Warrant shall have been exercised in part, the Company
      shall, at the time of delivery of the certificate or certificates
      representing Warrant Shares, deliver to Holder a new Warrant evidencing
      the rights of Holder to purchase the unpurchased Warrant Shares called for
      by this Warrant, which new Warrant shall in all other respects be
      identical with this Warrant.

                  The Company shall not effect any exercise of this Warrant, and
      the Holder shall not have the right to exercise any portion of this
      Warrant, pursuant to Section 3(a) or otherwise, to the extent that after
      giving effect to such issuance after exercise, the Holder (together with
      the Holder's affiliates), as set forth on the applicable Notice of
      Exercise, would beneficially own in excess of 4.99% of the number of
      shares of the Common Stock
<PAGE>
      outstanding immediately after giving effect to such issuance. For purposes
      of the foregoing sentence, the number of shares of Common Stock
      beneficially owned by the Holder and its affiliates shall include the
      number of shares of Common Stock issuable upon exercise of this Warrant
      with respect to which the determination of such sentence is being made,
      but shall exclude the number of shares of Common Stock which would be
      issuable upon (A) exercise of the remaining, nonexercised portion of this
      Warrant beneficially owned by the Holder or any of its affiliates and (B)
      exercise or conversion of the unexercised or nonconverted portion of any
      other securities of the Company (including, without limitation, any other
      Debentures or Warrants) subject to a limitation on conversion or exercise
      analogous to the limitation contained herein beneficially owned by the
      Holder or any of its affiliates. Except as set forth in the preceding
      sentence, for purposes of this Section 3(c), beneficial ownership shall be
      calculated in accordance with Section 13(d) of the Exchange Act and the
      rules promulgated thereunder. To the extent that the limitation contained
      in this Section 3(c) applies, the determination of whether this Warrant is
      exercisable (in relation to other securities owned by the Holder) and of
      which a portion of this Warrant is exercisable shall be in the sole
      discretion of such Holder, and the submission of a Notice of Exercise
      shall be deemed to be such Holder's determination of whether this Warrant
      is exercisable (in relation to other securities owned by such Holder) and
      of which portion of this Warrant is exercisable, in each case subject to
      such aggregate percentage limitation, and the Company shall have no
      obligation to verify or confirm the accuracy of such determination. For
      purposes of this Section 3(c), in determining the number of outstanding
      shares of Common Stock, the Holder may rely on the number of outstanding
      shares of Common Stock as reflected in (x) the Company's most recent Form
      10-Q or Form 10-K, as the case may be, (y) a more recent public
      announcement by the Company or (z) any other notice by the Company or the
      Company's Transfer Agent setting forth the number of shares of Common
      Stock outstanding; provided that the Holder may rely on the number of
      outstanding shares of Common Stock as reflected in clause (x) or (y) only
      if it has no knowledge or reason to believe that the information contained
      therein is inaccurate. Upon the written or oral request of the Holder, the
      Company shall within two Trading Days confirm orally and in writing to the
      Holder the number of shares of Common Stock then outstanding. In any case,
      the number of outstanding shares of Common Stock shall be determined after
      giving effect to the conversion or exercise of securities of the Company,
      including this Warrant, by the Holder or its affiliates since the date as
      of which such number of outstanding shares of Common Stock was reported.
      The provisions of this Section 3(c) may be waived by the Holder upon, at
      the election of the Holder, not less than 61 days' prior notice to the
      Company, and the provisions of this Section 3(c) shall continue to apply
      until such 61st day (or such later date, as determined by the Holder, as
      may be specified in such notice of waiver). No exercise of this Warrant in
      violation of this Section 3(c) but otherwise in accordance with this
      Warrant shall affect the status of the Warrant Shares as validly issued,
      fully paid and nonassessable.

                  (d) If, but only if, at any time after one year from the date
      of issuance of this Warrant there is no effective Registration Statement
      registering the resale of the Warrant Shares by the Holder, this Warrant
      may also be exercised at such time by means of a "cashless exercise" in
      which the Holder shall be entitled to receive a certificate for
<PAGE>
      the number of Warrant Shares equal to the quotient obtained by dividing
      [(A-B) (X)] by (A), where:

            (A) = the VWAP on the Trading Day preceding the date of such
                  election;

            (B) = the Exercise Price, as adjusted; and

            (X) = the number of Warrant Shares issuable upon exercise of this
                  Warrant in accordance with the terms of this Warrant.

            No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which Holder would otherwise be entitled
to purchase upon such exercise, the Company shall pay a cash adjustment in
respect of such final fraction in an amount equal to such fraction multiplied by
the Exercise Price.

            Charges, Taxes and Expenses. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

            Closing of Books. The Company will not close its stockholder books
or records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

            Transfer, Division and Combination.

                  Subject to compliance with any applicable securities laws and
      the conditions set forth in Sections 1 and 7(e) hereof and to the
      provisions of Section 4.1 of the Purchase Agreement, this Warrant and all
      rights hereunder are transferable, in whole or in part, upon surrender of
      this Warrant at the principal office of the Company, together with a
      written assignment of this Warrant substantially in the form attached
      hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such
      transfer. Upon such surrender and, if required, such payment, the Company
      shall execute and deliver a new Warrant in the name of the assignee and in
      the denomination specified in such instrument of assignment, and shall
      issue to the assignor a new Warrant, and this Warrant shall promptly be
      cancelled. A Warrant, if properly assigned, may be exercised by a new
      holder for the purchase of Warrant Shares without having a new Warrant
      issued.

                  The Company shall prepare, issue and deliver at its own
      expense (other than transfer taxes) the new Warrant or Warrants under this
      Section 7.
<PAGE>
                  The Company agrees to maintain, at its aforesaid office, books
      for the registration and the registration of transfer of the Warrants.

                  If, at the time of the surrender of this Warrant in connection
      with any transfer of this Warrant, the transfer of this Warrant shall not
      be registered pursuant to an effective registration statement under the
      Securities Act and under applicable state securities or blue sky laws, the
      Company may require, as a condition of allowing such transfer (i) that the
      Holder or transferee of this Warrant, as the case may be, furnish to the
      Company a written opinion of counsel (which opinion shall be in form,
      substance and scope customary for opinions of counsel in comparable
      transactions) to the effect that such transfer may be made without
      registration under the Securities Act and under applicable state
      securities or blue sky laws, (ii) that the holder or transferee execute
      and deliver to the Company an investment letter in form and substance
      acceptable to the Company and (iii) that the transferee be an "accredited
      investor" as defined in Rule 501(a) promulgated under the Securities Act.

            No Rights as Shareholder until Exercise. This Warrant does not
entitle the Holder to any voting rights or other rights as a shareholder of the
Company. Upon the surrender of this Warrant and the payment of the aggregate
Exercise Price (or by means of a cashless exercise), the Warrant Shares so
purchased shall be and be deemed to be issued to such Holder as the record owner
of such shares as of the close of business on the later of the date of such
surrender or payment.

            Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate relating to the Warrant Shares, and in case of loss, theft or
destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon
surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock
certificate.

            Saturdays, Sundays, Holidays, etc. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

            Adjustments of Exercise Price and Number of Warrant Shares. The
number and kind of securities purchasable upon the exercise of this Warrant and
the Exercise Price shall be subject to adjustment from time to time upon the
happening of any of the following. In case the Company shall (i) pay a dividend
in shares of Common Stock or make a distribution in shares of Common Stock to
holders of its outstanding Common Stock, (ii) subdivide its outstanding shares
of Common Stock into a greater number of shares, (iii) combine its outstanding
shares of Common Stock into a smaller number of shares of Common Stock, or (iv)
issue any shares of its capital stock in a reclassification of the Common Stock,
then the number of Warrant Shares purchasable upon exercise of this Warrant
immediately prior thereto shall be adjusted so that the
<PAGE>
Holder shall be entitled to receive the kind and number of Warrant Shares or
other securities of the Company which it would have owned or have been entitled
to receive had such Warrant been exercised in advance thereof. Upon each such
adjustment of the kind and number of Warrant Shares or other securities of the
Company which are purchasable hereunder, the Holder shall thereafter be entitled
to purchase the number of Warrant Shares or other securities resulting from such
adjustment at an Exercise Price per Warrant Share or other security obtained by
multiplying the Exercise Price in effect immediately prior to such adjustment by
the number of Warrant Shares purchasable pursuant hereto immediately prior to
such adjustment and dividing by the number of Warrant Shares or other securities
of the Company resulting from such adjustment. An adjustment made pursuant to
this paragraph shall become effective immediately after the effective date of
such event retroactive to the record date, if any, for such event.

            Reorganization, Reclassification, Merger, Consolidation or
Disposition of Assets. In case the Company shall reorganize its capital,
reclassify its capital stock, consolidate or merge with or into another
corporation (where the Company is not the surviving corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose of all or substantially all its property,
assets or business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets, the successor
or acquiring corporation (if other than the Company) shall expressly assume the
due and punctual observance and performance of each and every covenant and
condition of this Warrant to be performed and observed by the Company and all
the obligations and liabilities hereunder, subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for adjustments of Warrant Shares
for which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in this Section 12. For purposes of
this Section 12, "common stock of the successor or acquiring corporation" shall
include stock of such corporation of any class which is not preferred as to
dividends or assets over any other class of stock of such corporation and which
is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock or other securities which are convertible into or
exchangeable for any such stock, either immediately or upon the arrival of a
specified date or the happening of a specified event and any warrants or other
rights to subscribe for or purchase any such stock. The foregoing provisions of
this Section 12 shall similarly apply to successive reorganizations,
reclassifications, mergers, consolidations or disposition of assets.
<PAGE>
            Voluntary Adjustment by the Company. The Company may at any time
during the term of this Warrant reduce the then current Exercise Price to any
amount and for any period of time deemed appropriate by the Board of Directors
of the Company.

            Notice of Adjustment. Whenever the number of Warrant Shares or
number or kind of securities or other property purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided, the Company
shall give notice thereof to the Holder, which notice shall state the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made.

            Notice of Corporate Action.  If at any time:

                  (a) the Company shall take a record of the holders of its
      Common Stock for the purpose of entitling them to receive a dividend or
      other distribution, or any right to subscribe for or purchase any
      evidences of its indebtedness, any shares of stock of any class or any
      other securities or property, or to receive any other right, or

                  (b) there shall be any capital reorganization of the Company,
      any reclassification or recapitalization of the capital stock of the
      Company or any consolidation or merger of the Company with, or any sale,
      transfer or other disposition of all or substantially all the property,
      assets or business of the Company to, another corporation or,

                  (c)   there shall be a voluntary or involuntary
      dissolution, liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least 10 days' prior written notice of the date on which a record date shall be
selected for such dividend, distribution or right or for determining rights to
vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least 10
days' prior written notice of the date when the same shall take place. Such
notice in accordance with the foregoing clause also shall specify (i) the date
on which any such record is to be taken for the purpose of such dividend,
distribution or right, the date on which the holders of Common Stock shall be
entitled to any such dividend, distribution or right, and the amount and
character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be
<PAGE>
fixed, as of which the holders of Common Stock shall be entitled to exchange
their Warrant Shares for securities or other property deliverable upon such
disposition, dissolution, liquidation or winding up. Each such written notice
shall be sufficiently given if addressed to Holder at the last address of Holder
appearing on the books of the Company and delivered in accordance with Section
17(d).

            Authorized Shares. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant. The Company
further covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of executing stock
certificates to execute and issue the necessary certificates for the Warrant
Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such
Warrant Shares may be issued as provided herein without violation of any
applicable law or regulation, or of any requirements of the Trading Market upon
which the Common Stock may be listed.

                  Except and to the extent as waived or consented to by the
Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such terms and in the taking of all
such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant against impairment. Without limiting the generality
of the foregoing, the Company will (a) not increase the par value of any Warrant
Shares above the amount payable therefor upon such exercise immediately prior to
such increase in par value, (b) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid
and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use
commercially reasonable efforts to obtain all such authorizations, exemptions or
consents from any public regulatory body having jurisdiction thereof as may be
necessary to enable the Company to perform its obligations under this Warrant.

                  Before taking any action which would result in an adjustment
in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions
thereof, or consents thereto, as may be necessary from any public regulatory
body or bodies having jurisdiction thereof.
<PAGE>
            Miscellaneous.

                  Jurisdiction.  This Warrant shall constitute a contract
      under the laws of New York, without regard to its conflict of law,
      principles or rules.

                  Restrictions. The Holder acknowledges that the Warrant Shares
      acquired upon the exercise of this Warrant, if not registered, will have
      restrictions upon resale imposed by state and federal securities laws.

                  Nonwaiver and Expenses. No course of dealing or any delay or
      failure to exercise any right hereunder on the part of Holder shall
      operate as a waiver of such right or otherwise prejudice Holder's rights,
      powers or remedies, notwithstanding all rights hereunder terminate on the
      Termination Date. If the Company willfully and knowingly fails to comply
      with any provision of this Warrant, which results in any material damages
      to the Holder, the Company shall pay to Holder such amounts as shall be
      sufficient to cover any costs and expenses including, but not limited to,
      reasonable attorneys' fees, including those of appellate proceedings,
      incurred by Holder in collecting any amounts due pursuant hereto or in
      otherwise enforcing any of its rights, powers or remedies hereunder.

                  Notices. Any notice, request or other document required or
      permitted to be given or delivered to the Holder by the Company shall be
      delivered in accordance with the notice provisions of the Purchase
      Agreement; provided that upon any permitted assignment of this Warrant,
      the assignee shall promptly provide the Company with its address for
      notices, which shall be the address for notices to such assignee, until
      changed in accordance with the Purchase Agreement.

                  Limitation of Liability. No provision hereof, in the absence
      of any affirmative action by Holder to exercise this Warrant or purchase
      Warrant Shares, and no enumeration herein of the rights or privileges of
      Holder, shall give rise to any liability of Holder for the purchase price
      of any Common Stock or as a stockholder of the Company, whether such
      liability is asserted by the Company or by creditors of the Company.

                  Remedies. Holder, in addition to being entitled to exercise
      all rights granted by law, including recovery of damages, will be entitled
      to specific performance of its rights under this Warrant. The Company
      agrees that monetary damages would not be adequate compensation for any
      loss incurred by reason of a breach by it of the provisions of this
      Warrant and hereby agrees to waive the defense in any action for specific
      performance that a remedy at law would be adequate.

                  Successors and Assigns. Subject to applicable securities laws,
      this Warrant and the rights and obligations evidenced hereby shall inure
      to the benefit of and be binding upon the successors of the Company and
      the successors and permitted assigns of Holder. The provisions of this
      Warrant are intended to be for the benefit of all Holders from time to
      time of this Warrant and shall be enforceable by any such Holder or holder
      of Warrant Shares.
<PAGE>
                  Amendment.  This Warrant may be modified or amended or the
      provisions hereof waived with the written consent of the Company and
      the Holder.

                  Severability. Wherever possible, each provision of this
      Warrant shall be interpreted in such manner as to be effective and valid
      under applicable law, but if any provision of this Warrant shall be
      prohibited by or invalid under applicable law, such provision shall be
      ineffective to the extent of such prohibition or invalidity, without
      invalidating the remainder of such provisions or the remaining provisions
      of this Warrant.

                  Headings.  The headings used in this Warrant are for the
      convenience of reference only and shall not, for any purpose, be deemed
      a part of this Warrant.

                  Acceptance.  Receipt of this Warrant by the Holder shall
      constitute acceptance of and agreement to all of the terms and
      conditions contained herein.

                             ********************
<PAGE>
     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
   its officer thereunto duly authorized.

Dated:  August __, 2003
                                  LOUDEYE CORP.

                                  By:
                                     ------------------------------------------
                                     Name:
                                     Title:
<PAGE>
                               NOTICE OF EXERCISE

To:   Loudeye Corp.

            (1) The undersigned hereby elects to purchase ________ Warrant
Shares of Loudeye Corp. pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise price in full,
together with all applicable transfer taxes, if any.

            (2) Payment shall take the form of (check applicable box):

                  [ ] in lawful money of the United States; or

                  [ ] the cancellation of such number of Warrant Shares as is
                  necessary, in accordance with the formula set forth in
                  subsection 3(d), to exercise this Warrant with respect to the
                  maximum number of Warrant Shares purchasable pursuant to the
                  cashless exercise procedure set forth in subsection 3(d).

            (3) Please issue a certificate or certificates representing said
Warrant Shares in the name of the undersigned or in such other name as is
specified below:

                      -------------------------------------

The Warrant Shares shall be delivered to the following:

                      -------------------------------------

                      -------------------------------------

                      -------------------------------------

            (4) Accredited Investor. The undersigned is an "accredited investor"
as defined in Regulation D promulgated under the Securities Act of 1933, as
amended.

                                          [PURCHASER]

                                          By:
---------------------------------
<PAGE>
                                              Name:
                                              Title:

                                          Dated:
                                                -------------------------------
<PAGE>
                                 ASSIGNMENT FORM

                        (To assign the foregoing warrant,
               execute this form and supply required information.
                 Do not use this form to exercise the warrant.)

     FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
   thereby are hereby assigned to

                                                                whose address is
---------------------------------------------------------------
                                                                               .
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------

                                                Dated:                   ,
                                                        ----------------   -----

                  Holder's Signature:
                                      ---------------------------

                  Holder's Address:
                                    -----------------------------

                                    -----------------------------

Signature Guaranteed:
                     --------------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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