Document:

<PAGE>

                                                                    EXHIBIT 10.3

                             DATED FEBRUARY 25, 2005

                                  LOUDEYE CORP.
                                  (as Loudeye)

                                     - and -

                    THE SEVERAL PERSONS LISTED IN SCHEDULE 1
                        (as the Former OD2 Shareholders)

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

               AGREEMENT TO AMEND CERTAIN TERMS OF THE ACQUISITION
                       OF ON DEMAND DISTRIBUTION LIMITED
               ---------------------------------------------------

                            [LATHAM & WATKINS LOGO]

                                     London

                                 99 Bishopsgate
                                 London EC2M 3XF
                            +44 (0)20 7710 1000 (Tel)
                            +44 (0)20 7374 4460 (Fax)
                                   www.lw.com

<PAGE>

                                    CONTENTS
<TABLE>
<CAPTION>
Clause                                                                                                           Page
------                                                                                                           ----
<S>     <C>       <C>                                                                                            <C>
1.       Interpretation............................................................................................1
         1.1.     Definitions......................................................................................1
         1.2.     Construction of certain references...............................................................2

2.       Effectiveness of Agreement................................................................................3

3.       Contingent Consideration..................................................................................3
         3.1.     Waiver of Right to Contingent Consideration......................................................3
         3.2.     Cancellation.....................................................................................4
         3.3.     Settlement of First Cash Payment and Second Cash Payment.........................................4

4.       Acceleration of Deferred Consideration....................................................................4

5.       Registration Rights.......................................................................................5

6.       Lockup....................................................................................................6

7.       Release...................................................................................................6

8.       Announcements.............................................................................................6

9.       Costs.....................................................................................................6

10.      Law and jurisdiction and third party rights...............................................................7
         10.1.    English law......................................................................................7
         10.2.    Jurisdiction.....................................................................................7
         10.3.    Contracts (Rights of Third Parties) Act 1999.....................................................7

11.      Representations and Warranties of Former OD2 Shareholders.................................................7

12.      Notices...................................................................................................7

SCHEDULE 1:  Former OD2 Shareholders....................................................................Schedule 1-1

SCHEDULE 2:  Warranties of the Former OD2 Shareholders..................................................Schedule 2-1
</TABLE>

                                       i
<PAGE>

THIS AGREEMENT TO AMEND CERTAIN TERMS OF THE ACQUISITION OF ON DEMAND
DISTRIBUTION LIMITED is made on February 25, 2005

BETWEEN

(1)      LOUDEYE CORP. ("LOUDEYE") a Delaware corporation with its principal
         place of business at 1130 Rainier Avenue South, Seattle, Washington
         98144 USA; and

(2)      THE SEVERAL PERSONS LISTED IN SCHEDULE 1 that have either executed this
         Agreement on the date hereof or that execute this Agreement after the
         date hereof pursuant to Clause 2 of this Agreement (collectively, the
         "FORMER OD2 SHAREHOLDERS").

BACKGROUND

(A)      Pursuant to an offer document dated 22 June, 2004, Loudeye acquired
         100% of the issued share capital of On Demand Distribution Limited
         ("OD2") from the Former OD2 Shareholders in June 2004 and August 2004
         (the "ACQUISITION").

 (B)     Under the terms of the Acquisition, the Former OD2 Shareholders agreed
         to sell their entire interest in the issued share capital of OD2 to
         Loudeye in exchange for (i) Loudeye Shares, (ii) the right to receive
         four instalments of deferred consideration payable in cash (or in
         Loudeye Shares at the election of Loudeye) at specific dates following
         completion of the Acquisition ("DEFERRED CONSIDERATION"), and (iii)
         contingent upon OD2 achieving certain financial performance targets,
         additional instalments of cash (or Loudeye Shares at the election of
         Loudeye) in respect of four earn-out periods commencing June 2004 and
         ending November 2006 ("CONTINGENT CONSIDERATION").

(C)      Loudeye and the Former OD2 Shareholders have agreed to amend the terms
         of the Acquisition such that Loudeye shall (i) satisfy its obligation
         to make the final two instalment payments of Deferred Consideration
         (currently scheduled for May 2005 and November 2005) by issuing Loudeye
         Shares to the Former OD2 Shareholders pursuant to this Agreement and
         (ii) make two cash payments to the Former OD2 Shareholders in exchange
         for the Former OD2 Shareholders' release and waiver of any rights they
         may have to receive any Contingent Consideration in the future, in each
         case subject to the terms and conditions of this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.       INTERPRETATION

1.1.     DEFINITIONS

         In this Agreement, including the Background and Schedules (which shall
         be deemed to be part of and construed as one with this Agreement) the
         following terms shall, where the context admits, have the meanings
         hereby assigned to them:

         "AGREEMENT" means this Agreement to Amend Certain Terms of the
         Acquisition of On Demand Distribution Limited;

         "AGREEMENT TO AMEND DEED POLL" means the Agreement to Amend Certain
         Terms of the Deed Poll of Warranty and Indemnity dated as of the date
         hereof between the Company and the Obligors;

         "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
         banks are open for ordinary banking business in London and Seattle,
         Washington USA;

                                       1
<PAGE>

         "CUT-OFF TIME" means 5:00 p.m., Seattle, Washington time on March 7,
         2005 or such later time and date as Loudeye may determine in its sole
         discretion by providing notice to the Former OD2 Shareholder
         Representatives prior to 5:00 p.m., Seattle, Washington time on March
         7, 2005, provided that this later time and date shall be no later than
         April 6, 2005;

         "DEED POLL" means the deed poll of warranty and indemnity made by
         certain Former OD2 Shareholders dated 22 June 2004;

         "LAW" or "LAWS" means all applicable legislation, statutes, directives,
         regulations, judgments, decisions, decrees, orders, instruments,
         by-laws, and other legislative measures or decisions having the force
         of law, treaties, conventions and other agreements between states, or
         between states and the European Union or other supranational bodies,
         rules of common law, customary law and equity, all civil and other
         codes and all other laws of, or having effect in, any jurisdiction from
         time to time and whether before or after the date of this Agreement;

         "OBLIGORS" has the meaning given to that term in the Deed Poll;

         "OFFER DOCUMENT" means the document dated 22 June, 2004 setting out the
         terms of the offer from Loudeye to acquire the entire issued share
         capital of OD2; and

         "TRANSFER" means, with respect to any Loudeye Shares, any direct or
         indirect sale, any offer to sell, any contract to sell (including,
         without limitation, any short sale), the grant of any option to
         purchase, or any other transfer or disposition of Loudeye Shares, or
         the entry into a hedging or other transaction that transfers the
         economic consequences of holding the Loudeye Shares.

1.2.     CONSTRUCTION OF CERTAIN REFERENCES

         In this Agreement, where the context admits:

         (A)      unless otherwise defined herein, words and phrases the
                  definitions of which are contained or referred to in the Offer
                  Document shall have the same meaning in this Agreement;

         (B)      words and phrases the definitions of which are contained or
                  referred to in Part XXVI Companies Act 1985 shall be construed
                  as having the meanings thereby attributed to them;

         (C)      every reference to a particular statutory provision or other
                  Law shall be construed also as a reference to all other Laws
                  made under the Law referred to, and to all such Laws as
                  amended, re-enacted, consolidated or replaced or as their
                  application or interpretation is affected by other Laws from
                  time to time, and whether before or after the date of this
                  Agreement;

         (D)      references to Clauses and Schedules are references to clauses
                  of and schedules to this Agreement and references to this
                  Agreement include the schedules to this Agreement;

         (E)      references to the singular shall include the plural and vice
                  versa and references to the masculine, the feminine and the
                  neuter shall include each other such gender;

         (F)      "person" includes any individual, partnership, company, body
                  corporate, corporation sole or aggregate, state or agency of a
                  state, and any unincorporated association or organisation, in
                  each case whether or not having separate legal personality,
                  and shall include any trade union;

         (G)      "company" includes any body corporate; and

                                       2
<PAGE>

         (H)      references to the "parties" or to a "party" to this Agreement
                  shall mean the parties to this Agreement (or any one of them)
                  including their permitted successors and assigns.

2.       EFFECTIVENESS OF AGREEMENT

2.1.     Notwithstanding anything in this Agreement to the contrary, no
         provision of this Agreement (other than this Clause 2 and Clauses 8, 9,
         10, 11, and 12) shall be effective or binding on the parties hereto
         unless each Former OD2 Shareholder listed on Schedule 1 hereto either
         executes and delivers this Agreement on the date hereof or delivers to
         Loudeye (in accordance with the notice provisions of Clause 12) a
         validly and fully executed counterpart signature page to this Agreement
         on or prior to the Cut-off Time (the "EFFECTIVENESS CONDITION");
         provided that Loudeye may waive the Effectiveness Condition with
         respect to one or more Former OD2 Shareholders that are not or do not
         become parties to this Agreement in its sole discretion by notifying
         the Former OD2 Shareholders that are parties to this Agreement (in
         accordance with the notice provisions of Clause 12) of its election to
         waive the Effectiveness Condition with respect to such Former OD2
         Shareholder(s) that are not parties to this Agreement on or prior to
         the Cut-off Time. Any Former OD2 Shareholder that delivers a validly
         and fully executed counterpart signature page to this Agreement to
         Loudeye (which delivery may be made by facsimile transmission in
         accordance with Clause 12) on or prior to the Cut-off Time shall become
         a party to this Agreement. Prior to the Effective Time, the original
         terms of the Offer Document shall continue to apply.

2.2.     If the Effectiveness Condition is satisfied or if the Effectiveness
         Condition is waived by Loudeye prior to the Cut-off Time, then all
         provisions of this Agreement shall automatically become effective and
         binding upon Loudeye and each Former OD2 Shareholder that is or becomes
         a party to this Agreement (the time at which the Effectiveness
         Condition is satisfied or is waived by Loudeye is referred to as the
         "EFFECTIVE TIME" and the date on which the Effective Time occurs is
         referred to as the "EFFECTIVE DATE"). For the avoidance of doubt, only
         Former OD2 Shareholders that have executed and delivered this Agreement
         in accordance with the provisions hereof prior to the Cut-Off Time
         shall have rights and obligations under this Agreement, and no other
         person or entity (including any Former OD2 Shareholders that do not
         become parties to this Agreement) shall be a third party beneficiary
         hereof.

2.3.     In the event the Effectiveness Condition has not been satisfied or
         waived by Loudeye on or prior to the Cut-off Time, then this Agreement
         shall automatically terminate and become null and void without any
         further action required on the part of any of the parties hereto (in
         which case the original terms of the Offer Document shall continue to
         apply).

3.       CONTINGENT CONSIDERATION

3.1.     WAIVER OF RIGHT TO CONTINGENT CONSIDERATION

         At the Effective Time, each Former OD2 Shareholder hereby surrenders to
         Loudeye and agrees to the cancellation of its entire holding of
         Contingent Value Rights (as specified opposite such Former OD2
         Shareholder's name in column 3 of Schedule 1) and irrevocably waives
         its right to any future payments in respect of such Contingent Value
         Rights other than the consideration set forth in this Clause 3.1.

         In consideration for and conditional upon such surrender and
         cancellation, Loudeye undertakes to pay to the applicable Former OD2
         Shareholder (i) the amount set forth opposite such Former OD2
         Shareholder's name in column 4 of Schedule 1 hereto on or prior to the
         date that is two Business Days following the Effective Date ("FIRST
         CASH PAYMENT") and (ii) the amount set forth opposite such Former OD2
         Shareholder's name in column 5 of Schedule 1 hereto on or prior to 15
         July, 2005 (the "SECOND CASH Payment" and, together with the First Cash
         Payment, the "CASH

                                       3
<PAGE>

         PAYMENTS"). In the event that Loudeye fails to pay the First Cash
         Payment and/or the Second Cash Payment to any Former OD2 Shareholder
         when the same is due, then Loudeye agrees to pay to that Former OD2
         Shareholder an amount per month equal to 1% of the amount of the unpaid
         portion of the relevant Cash Payment until such time as that Cash
         Payment is actually paid, which amount shall be pro-rated for partial
         months. The payment of the First Cash Payment and the Second Cash
         Payment to the Obligors shall be subject to the terms of the Deed Poll
         as amended by the Agreement to Amend Deed Poll.

3.2.     CANCELLATION

         The surrender of Contingent Value Rights by Former OD2 Shareholders
         pursuant to Clause 3.1 and cancellation of all such Contingent Value
         Rights will automatically take effect at the Effective Time, will be
         irrevocable and unconditional and will not require any further action
         on the part of the parties hereto. At the Effective Time, the terms of
         Offer Document (including, without limitation, Appendix II thereof)
         relating to the Contingent Value Rights, the payment of Additional
         Consideration and the issue of Series B Notes and/or Series C Notes
         shall terminate and cease to have effect, and each Former OD2
         Shareholder agrees that it shall not be entitled to any further
         consideration in respect of such Contingent Value Rights other than as
         specifically set out in Clause 3.1.

3.3.     SETTLEMENT OF FIRST CASH PAYMENT AND SECOND CASH PAYMENT

         The First Cash Payment and the Second Cash Payment will each be settled
         by check sent to each Former OD2 Shareholder's address specified in
         column 2 of Schedule 1 hereto or wire transfer of funds to each Former
         OD2 Shareholder's bank account, details of which were provided to
         Loudeye on the relevant Former OD2 Shareholder's Form of Acceptance and
         Election (or such other account, details of which the relevant Former
         OD2 Shareholder shall have notified Loudeye in writing, in relation to
         the First Cash Payment, prior to the date of this Agreement and, in
         relation to the Second Cash Payment, on or prior to 11 July, 2005).

4.       ACCELERATION OF DEFERRED CONSIDERATION

         Loudeye and the Former OD2 Shareholders hereby agree and undertake that
         if the Effective Time occurs, the final two instalments of Deferred
         Consideration referred to at each of paragraphs 2(ii)(b) and 2(ii)(c)
         of the Loudeye Letter shall be replaced and extinguished in full by the
         issue to each Former OD2 Shareholder of the number of Loudeye Shares
         set forth opposite such Former OD2 Shareholder's name in column 6 of
         Schedule 1 hereto (the "ACCELERATED CONSIDERATION SHARES"). To the
         extent a Former OD2 Shareholder was issued a Series A Note, such Former
         OD2 Shareholder agrees that the issue of the Accelerated Consideration
         Shares to such Former OD2 Shareholder shall be in full satisfaction of
         all remaining obligations of Loudeye under such Former OD2
         Shareholder's Series A Note, and each such Former OD2 Shareholder shall
         surrender its Series A Note Certificate to Loudeye for cancellation.
         The Accelerated Consideration Shares shall be issued within five
         Business Days of the Effective Date. For the avoidance of doubt,
         Accelerated Consideration Shares shall be considered Loudeye Shares for
         purposes of this Agreement and the Offer Document. The issue of the
         Accelerated Consideration Shares pursuant to this Clause 4 to the
         Obligors shall be subject to the terms of the Deed Poll as amended by
         the Agreement to Amend Deed Poll.

         Unless Loudeye is notified in writing on or prior to the Effective Date
         of a Former OD2 Shareholder's desire to receive a physical share
         certificate, all share certificates evidencing Accelerated
         Consideration Shares will be issued in electronic book-entry form and
         will contain (in electronic format) the legends contemplated by this
         Agreement and, if applicable, by the Deed Poll; provided that all
         Accelerated Consideration Shares to be held in escrow by Loudeye
         pursuant to the

                                       4
<PAGE>

         terms of the Agreement to Amend Deed Poll and the Deed Poll shall be
         issued in physical certificated form and will contain the legends
         contemplated by this Agreement and the Deed Poll. Following the date
         that a Registration Statement is declared effective by the Commission
         with respect to the Accelerated Consideration Shares, if a Former OD2
         Shareholder notifies Loudeye in writing that it has sold Accelerated
         Consideration Shares in compliance with the Securities Act (and the
         prospectus delivery requirements thereof), then Loudeye shall instruct
         its transfer agent to remove the restrictive legends from such
         Accelerated Consideration Shares (subject, in each case, to such Former
         OD2 Shareholder's compliance with Clause 6 hereof and, if applicable,
         Schedule 13 of the Deed Poll and Clause 4 of the Agreement to Amend
         Deed Poll).

5.       REGISTRATION RIGHTS

5.1.     Unless otherwise defined herein, terms used in this Clause 5 have the
         meaning set forth in Appendix III of the Offer Document.

5.2.     Notwithstanding the provisions of Appendix III of the Offer Document,
         Loudeye agrees (i) to use commercially reasonable best efforts to
         prepare and file with the Commission a Registration Statement on Form
         S-1 covering the resale of the Accelerated Consideration Shares on or
         before the date that is 45 days after the Effective Date and (ii) to
         cause such Registration Statement to become effective on or prior to
         the date that is 90 days following the Effective Date if such
         Registration Statement is not reviewed by the Commission or the date
         that is 120 days following the Effective Date if such Registration
         Statement is reviewed by the Commission (the applicable date set forth
         in this clause (ii), the "TARGET EFFECTIVENESS DATE"). If such
         Registration Statement has not been declared effective on or prior to
         the Target Effectiveness Date, then Loudeye agrees to pay to each
         Former OD2 Shareholder an amount equal to $0.02 per month per
         Accelerated Consideration Share issued to such Former OD2 Shareholder
         hereunder and then held by such Former OD2 Shareholder until such
         Registration Statement is declared effective, which amount shall be pro
         rated for partial months and paid at the end of each month in
         accordance with Clause 3.3.

5.3.     The parties agree that the definition of "REGISTRABLE SECURITIES" for
         the purposes of Appendix III of the Offer Document shall be replaced
         with the following definition:

         "REGISTRABLE SECURITIES" means the Shares; provided, however, that any
         Shares shall cease to be Registrable Securities upon the earliest of
         when (i) they have been disposed of pursuant to an effective
         Registration Statement, (ii) they have been transferred to any other
         Person pursuant to Rule 144, (iii) such Shares shall have ceased to be
         outstanding or (iv) March 7, 2006.

5.4.     Except as provided in this Clause 5, the terms and conditions of
         Appendix III of the Offer Document shall apply to the registration of
         the Accelerated Consideration Shares.

6.       LOCKUP

         In addition to the transfer restrictions applicable to the Accelerated
         Loudeye Shares set forth in Schedule 2 hereto and that arise under
         applicable securities laws, each Former OD2 Shareholder agrees not to
         Transfer fifty percent (50%) of the Accelerated Loudeye Shares issued
         to it pursuant to this Agreement (the "LOCKUP SHARES") during the
         period commencing on the date hereof and ending on the date that is 180
         days following the date of this Agreement (the "LOCKUP EXPIRATION
         DATE"). The Lockup Shares will bear appropriate restrictive legends
         indicating that they are subject to the provisions of this Clause 6.

                                       5
<PAGE>

7.       RELEASE

         In consideration of the payments being made, Accelerated Loudeye Shares
         issued and other rights granted to the Former OD2 Shareholders under
         this Agreement, subject to the occurrence of the Effective Time, each
         Former OD2 Shareholder hereby irrevocably releases and forever
         discharges Loudeye, its officers, directors and employees and each of
         its and their affiliates, successors and assigns (collectively,
         "RELEASEES"), from any and all claims, demands, proceedings, causes of
         action and liabilities whatsoever which any such Former OD2 Shareholder
         now has, has ever had or may hereafter have against the respective
         Releasees arising out of the timing of the filing and effectiveness of
         Registration Statements (and amendments thereto) filed prior to the
         date hereof pursuant to Appendix III of the Offer Document.

8.       ANNOUNCEMENTS

         Loudeye and the Former OD2 Shareholders agree that Loudeye will file
         this Agreement (together with a summary thereof) on Form 8-K with the
         Securities and Exchange Commission within one Business Day after this
         Agreement has been executed and delivered by Loudeye. The Former OD2
         Shareholders agree to treat as strictly confidential the provisions of
         this Agreement until such time as the Form 8-K referenced in the
         preceding sentence has been filed with the Commission.

9.       COSTS

9.1.     Save as provided in Clause 9.2, each party shall bear its own costs and
         expenses arising out of or in connection with the preparation,
         negotiation and implementation of this Agreement and the arrangements
         contemplated herein.

9.2.     If the Effective Time occurs, Loudeye agrees to pay the reasonable
         legal costs of legal counsel to Former OD2 Shareholders directly
         arising from the negotiation and completion of this Agreement and the
         Agreement to Amend Deed Poll up to a maximum amount of Pound
         Sterling41,125 (inclusive of VAT, if applicable), conditional upon the
         Former OD2 Shareholders consulting with Loudeye regarding the
         appointment of legal counsel and providing, in a form reasonably
         acceptable to Loudeye, the following information in relation to such
         professional costs: (i) a certification from the relevant professional
         advisor that the rates charged are their standard rates or better and
         that all time incurred in relation to the said costs have been incurred
         solely in relation to this Agreement or the Agreement to Amend Deed
         Poll; and (ii) where applicable a copy of an invoice which sets out the
         fee earners, number of hours worked, narrative of work done and the
         hourly rates applicable to the fee earners, and details the total
         amount payable by the Former OD2 Shareholders to the relevant
         professional advisor.

10.      LAW AND JURISDICTION AND THIRD PARTY RIGHTS

10.1.    ENGLISH LAW

         This Agreement shall be governed by, and construed in accordance with,
         English law, except that the provisions of Clause 5 of this Agreement
         shall be governed by the laws of the State of Delaware, in each case
         without regard to the principles of conflicts of law thereof.

10.2.    JURISDICTION

         In relation to any legal action or proceedings to enforce the
         provisions of this Agreement or arising out of or in connection with
         this Agreement ("PROCEEDINGS") each of the parties irrevocably submits
         to the non-exclusive jurisdiction of the English courts and waives any
         objection to

                                       6
<PAGE>

         Proceedings in such courts on the grounds of venue or on the grounds
         that the Proceedings have been brought in an inappropriate forum.

10.3.    CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

         A person who is not a party to this Agreement has no right under the
         Contracts (Rights of Third Parties) Act 1999 to enforce any of its
         terms.

11.      REPRESENTATIONS AND WARRANTIES OF FORMER OD2 SHAREHOLDERS

         Each Former OD2 Shareholder makes the representations, warranties and
         undertakings to Loudeye set forth in Schedule 2 hereto.

12.      NOTICES

         All notices required or permitted hereunder shall be in writing and
         shall be deemed effectively given: (a) upon personal delivery to the
         party to be notified, (b) when sent by confirmed electronic mail, or
         facsimile (subject, in the case of a facsimile, to confirmation of
         uninterrupted transmission by a transmission report) if sent during
         normal business hours of the recipient, or if not sent during normal
         business hours of the recipient, then on the next Business Day, or (c)
         two (2) days after deposit with an internationally recognized overnight
         courier, specifying next day delivery, with written verification of
         receipt. All communications shall be sent (i) if to Loudeye, to the
         address (or electronic mail address or facsimile number) as set forth
         on Loudeye's signature page hereto or to such other address or
         electronic mail address or facsimile number as Loudeye may designate by
         ten (10) days advance written notice to the other parties hereto and
         (ii) if to a Former OD2 Shareholder (including a Former OD2 Shareholder
         that becomes a party to this Agreement after the date hereof), to the
         address (or electronic mail address or facsimile number) set forth on
         Schedule 1 hereto opposite such Former OD2 Shareholder's name or to
         such other address or electronic mail address or facsimile number as
         any Former OD2 Shareholder may designate by ten (10) days advance
         written notice to Loudeye. In addition, the parties agree that any
         notice that constitutes a valid notice under this Agreement shall also
         constitute a valid notice for all purposes under the Offer Document
         (including Appendix 3 thereof).

AS WITNESS the hands of the parties or their duly authorised representatives on
the date first before written have executed this Agreement as a Deed.

                                       7
<PAGE>

                                                   SCHEDULE 1-11

                      SCHEDULE 1: FORMER OD2 SHAREHOLDERS

<TABLE>
<CAPTION>
(1) NAME                  (2) ADDRESS, FAX AND EMAIL (3)  NUMBER OF     (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                          DETAILS                    CONTINGENT VALUE   FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                     RIGHTS HELD                                                   SHARES
------------------------- -------------------------- ------------------ -------------------- --------------------- ---------------
<S>                       <C>                        <C>                <C>                  <C>                   <C>
Peter Gabriel             Box Mill
                          Mill Lane
                          Box                        4,686,909          Pound                Pound                 634,292
                          Wiltshire                                     Sterling276,598.98   Sterling276,598.98
                          SN13 8PL
                          UK
                          peterg@realworld.co.uk
------------------------- -------------------------- ------------------ -------------------- --------------------- ----------------
Charles Grimsdale         Little Court
                          Grib Lane
                          Blagdon                    3,038,635          Pound                Pound                 411,227
                          North Somerset                                Sterling179,325.72   Sterling179,325.72
                          BS40 7SA
                          UK
                          cg@od2.com
                          0117 9100 151
------------------------- -------------------------- ------------------ -------------------- --------------------- ----------------
Susan Kelly Moule         Little Court
                          Grib Lane
                          Blagdon                    90,000             Pound                Pound                 12,179
                          North Somerset                                Sterling5,311.37     Sterling5,311.37
                          BS40 7SA
                          UK
                          s.k.moule@bristol.ac.uk
                          0117 9100 151
</TABLE>

                                  Schedule 1-1
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                  (2) ADDRESS, FAX AND EMAIL   (3)  NUMBER OF    (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                          DETAILS                      CONTINGENT VALUE  FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                       RIGHTS HELD                                                  SHARES
------------------------------------------------------ -------------------------------------- --------------------- ---------------
<S>                       <C>                          <C>               <C>                  <C>                   <C>
Quester VCT 2 plc         29 Queen Anne's Gate
                          London
                          SW1H 9BU                     3,754,650         Pound                Pound                 508,127
                          UK                                             Sterling221,581.51   Sterling221,581.51
                          Jamie.Brooke@Quester.co.uk
------------------------------------------------------ -------------------------------------- --------------------- ---------------
Quester VCT 3 plc         29 Queen Anne's Gate
                          London
                          SW1H 9BU                     3,754,650         Pound                Pound                 508,127
                          UK7                                            Sterling221,581.51   Sterling221,581.51
                          Jamie.Brooke@Quester.co.uk
------------------------------------------------------ -------------------------------------- --------------------- ---------------
Quester VCT 4 plc         29 Queen Anne's Gate
                          London
                          SW1H 9BU                     1,407,644         Pound                Pound                 190,500
                          UK                                             Sterling83,072.42    Sterling83,072.42
                          Jamie.Brooke@Quester.co.uk

------------------------------------------------------ -------------------------------------- --------------------- ---------------
Quester Venture Partners  29 Queen Anne's Gate
                          London
                          SW1H 9BU                     1,481,745         Pound                Pound                 200,528
                          UK                                             Sterling87,445.51    Sterling87,445.51

                          Jamie.Brooke@Quester.co.uk

</TABLE>

                                  Schedule 1-2
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                      (2) ADDRESS, FAX AND     (3)  NUMBER OF     (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                              EMAIL DETAILS            CONTINGENT VALUE   FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                       RIGHTS HELD                                                   SHARES
----------------------------- ------------------------ ------------------ -------------------- --------------------- ---------------
<S>                           <C>                      <C>                <C>                  <C>                   <C>
Investment Enterprise         Daiwa Yaesu Buildings
Partnership 'NIF New Tech     1-2-1 Kyobashi
Fund 99A'                     Chou-ku                  275,000            Pound                Pound                 37,216
                              Tokyo 104-0031                              Sterling16,229.19    Sterling16,229.19
                              Japan

                              nomura@nif.co.jp
----------------------------- ------------------------ ------------------ -------------------- --------------------- ---------------
Investment Enterprise         Daiwa Yaesu Buildings
Partnership 'NIF New Tech     1-2-1 Kyobashi
Fund 99B'                     Chou-ku                  275,000            Pound                Pound                 37,216
                              Tokyo 104-0031                              Sterling16,229.19    Sterling16,229.19
                              Japan

                              nomura@nif.co.jp
----------------------------- ------------------------ ------------------ -------------------- --------------------- ---------------
Investment Enterprise         Daiwa Yaesu Buildings
Partnership 'NIF New Tech     1-2-1 Kyobashi
Fund 2000/01'                 Chou-ku                  650,000            Pound                Pound                 87,966
                              Tokyo 104-0031                              Sterling38,359.89    Sterling38,359.89
                              Japan

                              nomura@nif.co.jp
----------------------------- ------------------------ ------------------ -------------------- --------------------- ---------------
</TABLE>

                                  Schedule 1-3
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                      (2) ADDRESS, FAX AND      (3)  NUMBER OF    (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                              EMAIL DETAILS             CONTINGENT VALUE  FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                        RIGHTS HELD                                                  SHARES
----------------------------- ------------------------- ----------------- -------------------- --------------------- ---------------
<S>                           <C>                       <C>               <C>                  <C>                   <C>
Investment Enterprise         Daiwa Yaesu Buildings
Partnership  'NIF New Tech    1-2-1 Kyobashi
Fund 2000/02'                 Chou-ku                   1,050,787         Pound                Pound                 142,206
                              Tokyo 104-0031                              Sterling62,012.43    Sterling62,012.43
                              Japan
                              nomura@nif.co.jp
----------------------------- ------------------------- ----------------- -------------------- --------------------- ---------------
Investment Enterprise
Partnership "NIF 21-ONE(1)"   Daiwa Yaesu Buildings
                              1-2-1 Kyobashi            400,787           Pound                Pound                 54,239
                              Chou-ku                                     Sterling23,652.53    Sterling23,652.53
                              Tokyo 104-0031
                              Japan

                              nomura@nif.co.jp
----------------------------- ------------------------- ----------------- -------------------- --------------------- ---------------
NIF Ventures Co. Ltd          Daiwa Yaesu Buildings
                              1-2-1 Kyobashi
                              Chou-ku                   1,130,657         Pound                Pound                 153,015
                              Tokyo 104-0031                              Sterling66,725.97    Sterling66,725.97
                              Japan
                              nomura@nif.co.jp
----------------------------- ------------------------- ----------------- -------------------- --------------------- ---------------
</TABLE>

                                  Schedule 1-4
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                 (2) ADDRESS, FAX AND EMAIL   (3)  NUMBER OF     (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                         DETAILS                      CONTINGENT VALUE   FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                      RIGHTS HELD                                                   SHARES
------------------------ ---------------------------- ------------------ -------------------- --------------------- ---------------
<S>                      <C>                          <C>                <C>                  <C>                   <C>
Nick McKeown             864 Cedro Way                104,563            Pound                Pound                 14,150
                         Stanford                                        Sterling6,170.81     Sterling6,170.81
                         CA 94305
                         USA
                         nickm@stanford.edu
------------------------ ---------------------------- ------------------ -------------------- --------------------- ---------------
Brent Bilger             25901 Vinedo Lane
                         Los Altos Hills
                         CA 94022                     45,463             Pound                Pound                 6,152
                         USA                                             Sterling2,683.01     Sterling2,683.01
                         brent@turn-n-burn.com
------------------------ ---------------------------- ------------------ -------------------- --------------------- ---------------
Morgan Littlewood        615 Milverton Road
                         Los Altos
                         CA 94022                     45,463             Pound                Pound                 6,152
                         USA                                             Sterling2,683.01     Sterling2,683.01

                         littlewo@nemo-systems.com
------------------------ ---------------------------- ------------------ -------------------- --------------------- ---------------
</TABLE>

                                  Schedule 1-5
<PAGE>

<TABLE>
<CAPTION>
(1) NAME               (2) ADDRESS, FAX AND            (3)  NUMBER OF     (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                       EMAIL DETAILS                    CONTINGENT VALUE   FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                        RIGHTS HELD                                                   SHARES
---------------------- -------------------------------- ------------------ -------------------- --------------------- --------------
<S>                    <C>                              <C>                <C>                  <C>                   <C>
Jeremy McKeown         Flat 12
                       The Grange
                       275-279 Kilburn High Road        9,088              Pound                Pound Sterling536.33  1,229
                       London                                              Sterling536.33
                       NW6 7JR
                       UK
                       jeremy.mckeown@investec.co.uk
---------------------- -------------------------------- ------------------ -------------------- --------------------- -------------
Mark Farmer            The Malt House
                       Turleigh
                       Bradford on Avon                 33,333             Pound                Pound                 4,511
                       Wiltshire                                           Sterling1,967.15     Sterling1,967.15
                       BA15 2HF
                       UK
                       mark.farmer@uk.uumail.com
---------------------- -------------------------------- ------------------ -------------------- --------------------- -------------
David Embleton         Temple Manor
                       Upton Scudmore
                       Warminster                       33,333             Pound                Pound                 4,511
                       Wiltshire                                           Sterling1,967.15     Sterling1,967.15
                       BA12 0AQ
                       UK
                       dembleton@dial.tipex.com
---------------------- -------------------------------- ------------------ -------------------- --------------------- -------------
</TABLE>

                                  Schedule 1-6
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                  (2) ADDRESS, FAX AND EMAIL    (3)  NUMBER OF     (4) ENTITLEMENT TO   (5) ENTITLEMENT TO   (6) ACCELERATED
                          DETAILS                       CONTINGENT VALUE   FIRST CASH PAYMENT   SECOND CASH PAYMENT  CONSIDERATION
                                                        RIGHTS HELD                                                  SHARES
------------------------- ----------------------------- ------------------ -------------------- -------------------- ---------------
<S>                       <C>                           <C>                <C>                  <C>                  <C>
Dori Dana Haeri           Flat 51
                          15 Portman Square
                          London                        33,333             Pound                Pound                4,511
                          W18 6LJ                                          Sterling1,967.15     Sterling1,967.15
                          UK
                          dori@bdh.co.uk
------------------------- ----------------------------- ------------------ -------------------- -------------------- ---------------
WEA International Inc     75 Rockefeller Plaza
                          New York 10019
                          New York                      940,275            Pound                Pound                127,250
                          USA                                              Sterling55,490.54    Sterling55,490.54
                          elliott.peters@wmg.com
------------------------- ----------------------------- ------------------ -------------------- -------------------- ---------------
Edel Music AG             Neumuhlen 17
                          22763 Hamburg
                          Germany                       137,925            Pound                Pound                18,665
                          martin_engel@edel.com                            Sterling8,139.67     Sterling8,139.67
------------------------- ----------------------------- ------------------ -------------------- -------------------- ---------------
RealWorld Records Ltd     Box Mill
                          Mill Lane
                          Box                           45,975             Pound                Pound                6,221
                          Wiltshire                                        Sterling2,713.22     Sterling2,713.22
                          SN13 8PL
                          UK
                          mike.large@realworld.co.uk
------------------------- ----------------------------- ------------------ -------------------- -------------------- ---------------

</TABLE>

                                  Schedule 1-7
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                     (2) ADDRESS, FAX AND          (3)  NUMBER OF    (4) ENTITLEMENT TO  (5) ENTITLEMENT TO  (6) ACCELERATED
                             EMAIL DETAILS                 CONTINGENT VALUE  FIRST CASH PAYMENT  SECOND CASH PAYMENT CONSIDERATION
                                                           RIGHTS HELD                                               SHARES
---------------------------- ----------------------------- ----------------- ------------------- ------------------- ---------------
<S>                          <C>                           <C>               <C>                 <C>                 <C>
BMG Entertainment            Bedford House
International UK & Ireland   69-79 Fulham High Street
Limited                      London                        346,988           Pound               Pound               46,958
                             SW6 3JU                                         Sterling20,477.57   Sterling20,477.57
                             UK
                             benjamin.brassington@bmg.com
---------------------------- ----------------------------- ----------------- ------------------- ------------------- ---------------
Universal Music              8 St James's Square
International Limited        London
                             SWY 4JU                       275,000           Pound               Pound               37,216
                             UK                                              Sterling16,229.19   Sterling16,229.19

                             philip.cox@umusic.com
---------------------------- ----------------------------- ----------------- ------------------- ------------------- ---------------
PlayLouder Limited           10-12 Rhoda Street
                             London
                             E2 7EF                        137,925           Pound               Pound               18,665
                             UK                                              Sterling8,139.67    Sterling8,139.67

                             paul.hitchman@playlouder.com
---------------------------- ----------------------------- ----------------- ------------------- ------------------- ---------------
</TABLE>

                                  Schedule 1-8
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                      (2) ADDRESS, FAX AND     (3)  NUMBER OF    (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                              EMAIL DETAILS            CONTINGENT VALUE  FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                       RIGHTS HELD                                                  SHARES
----------------------------- ------------------------ ----------------- -------------------- --------------------- ---------------
<S>                           <C>                      <C>               <C>                  <C>                   <C>
                              Lamb House
Association of Independent    Church St
Music Ltd                     Chiswick                 40,000            Pound                Pound                 5,413
                              London W4 2PD                              Sterling2,360.61     Sterling2,360.61

                              alison@musicindie.com
---------------------------- ------------------------ ------------------ -------------------- --------------------- ---------------
John Grinham                  4 Iddesleighs Road
                              Redland
                              Bristol                  530,454                  Pound         Pound                 71,787
                              BS6 6YJ                                     Sterling31,304.86   Sterling31,304.86
                              UK
                              jrg@od2.com
                              0117 9100 151
----------------------------- ------------------------ ----------------- -------------------- --------------------- ---------------
David Shephard                18 Noble Street
                              Sherston
                              Wiltshire                519,154           Pound                Pound                 70,258
                              SN16 0NA                                   Sterling30,637.99    Sterling30,637.99
                              UK
                              ds@od2.com
                              0117 9100 151
----------------------------- ------------------------ ----------------- -------------------- --------------------- ---------------
</TABLE>

                                  Schedule 1-9
<PAGE>

<TABLE>
<CAPTION>
(1) NAME              (2) ADDRESS, FAX AND      (3)  NUMBER OF        (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                      EMAIL DETAILS             CONTINGENT VALUE      FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                RIGHTS HELD                                                      SHARES
--------------------- ------------------------- --------------------- -------------------- --------------------- ---------------
<S>                   <C>                       <C>                   <C>                  <C>                   <C>

Edward Averdieck      41 Beauchamp Road
                      Clapham Junction
                      London                    475,655               28,070.89            Pound                 64,371
                      SW11 1PG                                                             Sterling28,070.89
                      UK
                      ea@od2.com
                      0117 9100 151
--------------------- ------------------------- --------------------- -------------------- --------------------- ------------------
Christopher Pike      Top Floor Flat
                      18 The Avenue
                      Sneyd Park                415,493               Pound                Pound                 56,229
                      Bristol                                         Sterling24,520.41    Sterling24,520.41
                      BS9 1PE
                      UK
                      tiff.pike@od2.co.uk
                      0117 9100 151
--------------------- ------------------------- --------------------- -------------------- --------------------- ------------------
Paul Summerfield      Hazelwood
                      Bettws Hill
                      Newport                   22,688                Pound                Pound                 3,070
                      NP20 7AD                                        Sterling1,338.94     Sterling1,338.94
                      UK
                      pgs@od2.com
                      0117 9100 151
--------------------- ------------------------- --------------------- -------------------- --------------------- ------------------
</TABLE>

                                  Schedule 1-10
<PAGE>

<TABLE>
<CAPTION>
(1) NAME                  (2) ADDRESS, FAX AND        (3)  NUMBER OF      (4) ENTITLEMENT TO   (5) ENTITLEMENT TO    (6) ACCELERATED
                          EMAIL DETAILS               CONTINGENT VALUE    FIRST CASH PAYMENT   SECOND CASH PAYMENT   CONSIDERATION
                                                      RIGHTS HELD                                                    SHARES
------------------------- --------------------------- ------------------- -------------------- --------------------- ---------------
<S>                       <C>                         <C>                 <C>                  <C>                   <C>
Steve Thornton            3 The Regents
                          Empress Court
                          Cotford St Luke             62,500              Pound                Pound                 8,458
                          Taunton                                         Sterling3,688.45     Sterling3,688.45
                          Somerset
                          TA4 1GG
                          UK
                          steven@aliquot.co.uk
------------------------- --------------------------- ------------------- -------------------- --------------------- ---------------
Charles Bocock            124a Coldharbour Road
                          Redland
                          Bristol                     9,175               Pound                Pound Sterling541.46  1,241
                          BS6 7SL                                         Sterling541.46
                          UK
                          chaz@choloconsultancy.com
------------------------- --------------------------- ------------------- -------------------- --------------------- ---------------
Ian Cox                   Flat C
                          57 Digby Crescent
                          Finsbury Park               4,163               Pound                Pound Sterling245.68  563
                          London                                          Sterling245.68
                          N4 2HS
                          UK
                          ian_cox2000@hotmail.com
----------------------------------------------------- =================== ==================== ===================== ===============
TOTALS                                                26,264,410          POUND                POUND                 3,554,419
                                                                          STERLING1,549,999.98 STERLING1,549,999.98
----------------------------------------------------- =================== ==================== ===================== ===============
</TABLE>

                                  Schedule 1-11
<PAGE>

             SCHEDULE 2: WARRANTIES OF THE FORMER OD2 SHAREHOLDERS

         Each Former OD2 Shareholder (each, a "WARRANTOR") hereby makes the
         following warranties, representations and undertakings to Loudeye:

1.       STATUS

         Each Warrantor is either:

         1.1      an 'accredited investor' as that term is used in Regulation D
                  of the Securities Act of 1933 of the United States of America
                  (the "Securities Act"); or

         1.2      not a 'U.S. Person' as that term is used in Regulation S of
                  the Securities Act and is not acquiring the Loudeye Shares,
                  Contingent Value Rights, Promissory Notes and Exchanged
                  Options for the account of or on behalf of such a U.S. Person.

         Please see paragraphs 12 and 13 below for the definitions of an
         'accredited investor' and a 'U.S. Person' respectively.

2.       HOLDING FOR OWN ACCOUNT

         Each Warrantor confirms that such Warrantor is acquiring the
         Accelerated Consideration Shares (collectively, the "SECURITIES") for
         such Warrantor's own account, for investment purposes only, and not
         with a view toward the resale or distribution thereof, except pursuant
         to effective registrations or qualifications relating thereto under the
         Securities Act and applicable U.S. state securities or "blue sky" laws
         or pursuant to an exemption therefrom.

3.       WARRANTOR'S BUSINESS EXPERIENCE

         Each Warrantor has such knowledge and experience in financial and
         business matters so that such Warrantor is capable of evaluating the
         relative merits and risks of an investment in Loudeye. Each Warrantor
         has adequate means of providing for its, his or her current economic
         needs and possible personal contingencies, has no need for liquidity in
         its, his or her investment in Loudeye and is able financially to bear
         the risks of such investment.

4.       OFFSHORE TRANSACTION

          4.1     Each Warrantor agrees that it will not offer or sell or
                  otherwise transfer or assign the Securities (i) in the United
                  States or to, or (ii) for the benefit or account of, a U.S.
                  Person, until one year after the date of that the Securities
                  are issued, in each case other than pursuant to registration
                  under the Securities Act, Regulation S or another available
                  exemption from the registration requirements of the Securities
                  Act. Each Warrantor also agrees that, during the one year
                  period following the date the Securities are issued, it will
                  require any purchaser of Securities (other than Securities
                  that are covered by and sold pursuant to an effective
                  Registration Statement) to certify to Loudeye either that:

                  (A)      it is not a U.S. Person and its is not acquiring the
                           Securities for the account or benefit of a U.S.
                           Person; or

                  (B)      it is acquiring the Securities in a transaction not
                           requiring registration under the Securities Act.

          4.2     Each Warrantor agrees that it will not engage in hedging
                  transactions with regard to the Securities unless in
                  compliance with the Securities Act.

                                  Schedule 2-1
<PAGE>

5.       UNREGISTERED SECURITIES; REGISTRATION RIGHTS

         Each Warrantor understands that:

         5.1      the Securities will not have been registered under the
                  Securities Act or the securities laws of any state or other
                  jurisdiction in reliance upon exemptions from such
                  registration requirements for non-public offerings; and

         5.2      the Securities may not be sold, pledged or otherwise
                  transferred except pursuant to effective registration
                  statements under the Securities Act and qualification under
                  applicable state securities or blue sky laws or pursuant to an
                  exemption therefrom.

6.       LEGENDS

         Each Warrantor understands that the Securities and any securities
         issued in respect of or in exchange for the Securities, will bear the
         following legend (or a legend with similar effect) and that all
         transfers of shares of such Securities must satisfy the provisions of
         such legend (which legends may be in electronic format, at the request
         of a Warrantor):

                  THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                  "ACT"), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE
                  AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE
                  DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
                  STATEMENT UNDER THE ACT, REGULATION S PROMULGATED UNDER THE
                  ACT OR ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
                  REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES OR
                  BLUE SKY LAWS AND, IN THE CASE OF A TRANSACTION NOT SUBJECT TO
                  SUCH REGISTRATION REQUIREMENTS, UNLESS THE COMPANY HAS
                  RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT
                  THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE
                  ACT. HEDGING TRANSACTIONS INVOLVING THE SHARES REPRESENTED BY
                  THIS CERTIFICATE MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
                  WITH THE ACT.

7.       STOP TRANSFER INSTRUCTIONS

         Each Warrantor agrees that, in order to ensure compliance with the
         transfer restrictions described in Schedule 2 and Clause 6 of this
         Agreement, Loudeye will issue appropriate 'stop transfer' instructions
         to its transfer agent.

8.       No Requirement to Transfer

         Loudeye shall not be required:

         8.1      to transfer or have transferred on its books any Securities
                  that have been sold or otherwise transferred in violation of
                  any of the provisions of this Agreement; or

         8.2      to treat as owner of such Securities or to accord the right to
                  vote or pay dividends to any purchaser or other transferee to
                  whom such Securities shall have been so transferred in
                  violation of any provision of this Agreement.

9.       NO PUBLIC SOLICITATION

         Each Warrantor represents that at no time was such Warrantor presented
         with or solicited by any general mailing, leaflet, public promotional
         meeting, newspaper or magazine article, radio or television
         advertisement, or any other form of general advertising or general
         solicitation in connection with the transactions contemplated by this
         Agreement.

                                  Schedule 2-2
<PAGE>

10.      PRINCIPAL RESIDENCE OR PRINCIPAL PLACE OF BUSINESS

         The address shown after each Warrantor's name in Schedule 1 to this
         Agreement is such Warrantor's principal residence if such Warrantor is
         an individual or such Warrantor's principal place of business if it is
         an entity.

11.      CONSULTATION WITH LEGAL ADVISOR

         Each Warrantor has carefully read this Agreement and, to the extent
         such Warrantor believes necessary, has discussed with such Warrantor's
         legal advisors the representations, warranties and agreements that such
         Warrantor makes herein and the applicable limitations upon such
         Warrantor's resale of the Securities.

12.      DEFINITIONS OF ACCREDITED INVESTOR

         An "accredited investor" means:

         12.1     any natural person (i) whose individual net worth, or joint
                  net worth with such person's spouse, will at the time of
                  receipt of the Accelerated Consideration Shares exceed
                  $1,000,000, or (ii) who had an individual income in excess of
                  $200,000 in each of the two most recent years or joint income
                  with such person's spouse in excess of $300,000 in each of
                  those years and has a reasonable expectation of reaching the
                  same income level in the current year;

         12.2     a corporation, partnership, limited liability company or other
                  legal entity with total assets in excess of $5,000,000, not
                  formed for the specific purpose of acquiring the Accelerated
                  Consideration Shares; or

         12.3     an entity all of the equity owners of which are as specified
                  in clause 12.1 or 12.2 or above.

13.      DEFINITION OF U.S. PERSON

         A "U.S. person" means:

         13.1     any natural person resident in the United States;

         13.2     any partnership or corporation organized or incorporated under
                  the laws of the United States;

         13.3     any estate of which any executor or administrator is a U.S.
                  person;

         13.4     any trust of which any trustee is a U.S. person;

         13.5     any agency or branch of a foreign entity located in the United
                  States;

         13.6     any non-discretionary account or similar account (other than
                  an estate or trust) held by a dealer or other fiduciary for
                  the benefit or account of a U.S. person;

         13.7     any discretionary account or similar account (other than an
                  estate or trust) held by a dealer or other fiduciary
                  organized, incorporated, or (if an individual) resident in the
                  United States; and

         13.8     any partnership or corporation if:

                  (A)      organised or incorporated under the laws of any
                           foreign jurisdiction; and

                  (B)      formed by a U.S. person principally for the purpose
                           of investing in securities not registered under the
                           Act, unless it is organized or incorporated, and
                           owned, by accredited investors (as defined in Section
                           230.501(a)) who are not natural persons, estates or
                           trusts.

                                  Schedule 2-3
<PAGE>

         The following are not "U.S. persons":

         13.9     any discretionary account or similar account (other than an
                  estate or trust) held for the benefit or account of a non-U.S.
                  person by a dealer or other professional fiduciary organized,
                  incorporated, or (if an individual) resident in the United
                  States;

         13.10    any estate of which any professional fiduciary acting as
                  executor or administrator is a U.S. person if:

                  (A)      An executor or administrator of the estate who is not
                           a U.S. person has sole or shared investment
                           discretion with respect to the assets of the estate;
                           and

                  (B)      The estate is governed by foreign law;

         13.11    any trust of which any professional fiduciary acting as
                  trustee is a U.S. person, if a trustee who is not a U.S.
                  person has sole or shared investment discretion with respect
                  to the trust assets, and no beneficiary of the trust (and no
                  settlor if the trust is revocable) is a U.S. person;

         13.12    any employee benefit plan established and administered in
                  accordance with the law of a country other than the United
                  States and customary practices and documentation of such
                  country;

         13.13    any agency or branch of a U.S. person located outside the
                  United States if:

                  (A)      the agency or branch operates for valid business
                           reasons; and

                  (B)      the agency or branch is engaged in the business of
                           insurance or banking and is subject to substantive
                           insurance or banking regulation, respectively, in the
                           jurisdiction where located; and

         13.14    The International Monetary Fund, the International Bank for
                  Reconstruction and Development, the Inter-American Development
                  Bank, the Asian Development Bank, the African Development
                  Bank, the United Nations, and their agencies, affiliates and
                  pension plans, and any other similar international
                  organizations, their agencies, affiliates and pension plans.

                                  Schedule 2-4
<PAGE>

Executed as a Deed by            )
LOUDEYE CORP                     )
Acting by:                       )

                                          /s/ Michael A. Brochu
                                          Authorised signatory

SIGNED AS A DEED by Peter Gabriel                         /s/ Peter Gabriel

in the presence of:

/s/ Leanne Penfold
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Charles Grimsdale                     /s/ Charles Grimsdale

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Susan Kelly Moule
in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by
QUESTER CAPITAL MANAGEMENT LIMITED
in its capacity as manager of
QUESTER VENTURE PARTNERSHIP LLP
acting by

                                                            /s/ Andrew Holmes
                , a director and                            ....................

                                                            /s/ M.G. Williams
                , a director                                ....................

                                      S-1
<PAGE>

SIGNED AS A DEED by

Quester VCT2 plc acting by

                                                          /s/ Peter Roberts
                , a director and                          ....................

                                                          /s/ Richard Drover
                , secretary                               ....................

SIGNED AS A DEED by

Quester VCT3 plc acting by

                                                          /s/ M.J. Brooke
                , a director and                          ....................

                                                          /s/ Richard Drover
                , secretary                               ....................

SIGNED AS A DEED by

Quester VCT4 plc acting by

                                                          /s/ Andrew Holmes
                , a director and                          ....................

                                                          /s/ M.G. Williams
                , secretary                               ....................

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF New
Technology Fund 99A' acting by

in the presence of:

/s/ Shuichi Taniguichi                                    /s/ Shinichiro Hakuta
..............................................             ......................
Name:                                                     Authorised signatory
Address:

Occupation:

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF New                /s/ Shinichiro Hakuta
Technology Fund 99B' acting by                            ......................
                                                          Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation:

                                      S-2
<PAGE>

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF New               /s/ Shinichiro Hakuta
Technology Fund 2000/01' acting by                       ......................
                                                         Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF New               /s/ Shinichiro Hakuta
Technology Fund 2000/02' acting by                       ......................
                                                         Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by
                                                         /s/ Shinichiro Hakuta
NIF Ventures Co. Limited acting by                       ......................
                                                         Authorised signatory
in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF New               /s/ Shinichiro Hakuta
Technology Fund NIF 21-One(1)' acting by                 ......................
                                                         Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation

                                      S-3
<PAGE>

SIGNED AS A DEED by Nick McKeown                           .....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Brent Bilger                           .....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Morgan Littlewood                      /s/ Morgan Littlewood
                                                           .....................

in the presence of:

/s/ Linda Nicol
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Jeremy McKeown                         .....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Mark Farmer                             ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

                                      S-4
<PAGE>

SIGNED AS A DEED by David Embleton                          ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Dori Dana Haeri                         ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by WEA International Inc
acting by
                                                            ....................
                                                            Authorised signatory
in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Edel Music AG
acting by
                                                            ....................
                                                            Authorised signatory
in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by RealWorld Records Ltd

                                                            /s/ Michael Large
acting by                                                   ....................
                , a director and

                                                            /s/ Karen Gumm
                                                            ....................
                , secretary

                                      S-5
<PAGE>

SIGNED AS A DEED by BMG Entertainment
International UK & Ireland Limited
acting by                                                   ....................

                , a director and
                                                            ....................
                , a director/secretary

SIGNED AS A DEED by PlayLouder Limited

                                                            ....................

acting by
                                                            ....................
                , a director and

                , a director/secretary

SIGNED AS A DEED by the Association of Independent
Music Limited

                                                            ....................

acting by

                                                            ....................
                , a director and

                , a director/secretary

SIGNED AS A DEED by John Grinham                              /s/ John Grinham

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by David Shephard                           /s/ David Shephard

in the presence of:

..............................................
Name:
Address:

Occupation:

                                      S-6

<PAGE>

SIGNED AS A DEED by Edward Averdieck                       /s/ Edward Averdieck

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Christopher Pike                       /s/ Christopher Pike

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Paul Summerfield                        ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Steve Thornton                          ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

                                      S-7
<PAGE>

SIGNED AS A DEED by Charles Bocock                          ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Ian Cox                                 ....................

in the presence of:

..............................................
Name:
Address:

Occupation:

                                      S-8<PAGE>

                                                                   EXHIBIT 10.4

                             DATED FEBRUARY 25, 2005

                                  LOUDEYE CORP.
                                  (as Loudeye)

                                     - and -

                    THE SEVERAL PERSONS LISTED IN SCHEDULE 1
                                (as the Obligors)

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

   AGREEMENT TO AMEND CERTAIN TERMS OF THE DEED POLL OF WARRANTY AND INDEMNITY

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

                             [LATHAM & WATKINS LOGO]

                                     London

                                 99 Bishopsgate
                                 London EC2M 3XF
                            +44 (0)20 7710 1000 (Tel)
                            +44 (0)20 7374 4460 (Fax)
                                   www.lw.com

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
Clause                                                                                               Page
------                                                                                               ----
<S>  <C>                                                                                             <C>
1.   Interpretation....................................................................................1
     1.1   Definitions.................................................................................1
     1.2   Construction of certain references..........................................................2

2.   Effectiveness of Certain Provisions of this Agreement.............................................3

3.   Escrow Arrangements...............................................................................3

4.   Orderly Sales Provisions..........................................................................6

5.   Announcements.....................................................................................6

6.   Costs.............................................................................................6

7.   Law and jurisdiction and third party rights.......................................................7
     7.1   English law.................................................................................7
     7.2   Jurisdiction................................................................................7
     7.3   Contracts (Rights of Third Parties) Act 1999................................................7

8.   Notices...........................................................................................7

SCHEDULE 1:  Former OD2 Shareholders........................................................Schedule 1-1
</TABLE>

                                       i
<PAGE>

THIS AGREEMENT TO AMEND CERTAIN TERMS OF THE DEED POLL OF WARRANTY AND INDEMNITY
is made on February 25, 2005

BETWEEN

(1)      LOUDEYE CORP. ("LOUDEYE") a Delaware corporation with its principal
         place of business at 1130 Rainier Avenue South, Seattle, Washington
         98144 USA; and

(2)      THE SEVERAL PERSON LISTED IN SCHEDULE 1 (the "OBLIGORS").

BACKGROUND

(A)      Pursuant to an offer document dated 22 June, 2004, Loudeye acquired
         100% of the issued share capital of On Demand Distribution Limited
         ("OD2") from the Former OD2 Shareholders in June 2004 and August 2004
         (the "ACQUISITION").

(B)      Under the terms of the Acquisition, the Former OD2 Shareholders agreed
         to sell their entire interest in the issued share capital of OD2 to
         Loudeye in exchange for (i) Loudeye Shares, (ii) the right to receive
         four instalments of deferred consideration payable in cash (or in
         Loudeye Shares at the election of Loudeye) at specific dates following
         completion of the Acquisition ("DEFERRED CONSIDERATION"), and (iii)
         contingent upon OD2 achieving certain financial performance targets,
         additional instalments of cash (or Loudeye Shares at the election of
         Loudeye) in respect of four earn-out periods commencing June 2004 and
         ending November 2006 ("CONTINGENT CONSIDERATION").

(C)      Pursuant to the Acquisition Amendment (and subject to the effectiveness
         thereof), Loudeye and the Former OD2 Shareholders have agreed to amend
         the terms of the Acquisition such that Loudeye shall (i) satisfy its
         obligation to make the final two instalment payments of Deferred
         Consideration (currently scheduled for May 2005 and November 2005) by
         issuing Loudeye Shares to the Former OD2 Shareholders pursuant to the
         Acquisition Amendment and (ii) make two cash payments to the Former OD2
         Shareholders in exchange for the Former OD2 Shareholders' release and
         waiver of any rights they may have to receive any Contingent
         Consideration in the future, in each case subject to the terms and
         conditions of the Acquisition Amendment.

(D)      Loudeye and the Obligors desire to amend certain terms of the Deed
         Poll, subject to the terms and conditions of this Agreement.

NOW IT IS HEREBY AGREED as follows:

1.       Interpretation

1.1      Definitions

         In this Agreement, including the Background and Schedule (which shall
         be deemed to be part of and construed as one with this Agreement) the
         following terms shall, where the context admits, have the meanings
         hereby assigned to them:

         "ACQUISITION AMENDMENT" means the Agreement to Amend Certain Terms of
         Acquisition of On Demand Distribution Limited entered into as of the
         date hereof between Loudeye, the Obligors and other Former OD2
         Shareholders;

         "AGREEMENT" means this Agreement to Amend Certain Terms of the Deed
         Poll of Warranty and Indemnity;

                                       1
<PAGE>

         "BUSINESS DAY" means a day (other than a Saturday or Sunday) on which
         banks are open for ordinary banking business in London and Seattle,
         Washington USA;

         "CASH PAYMENT" has the meaning assigned to such term in the Acquisition
         Amendment;

         "CUT-OFF TIME" has the meaning assigned to such term in the Acquisition
         Amendment;

         "DEED POLL" means the deed poll of warranty and indemnity made by the
         Obligors dated 22 June 2004;

         "EFFECTIVE DATE" has the meaning assigned to such term in the
         Acquisition Amendment;

         "EFFECTIVE TIME" has the meaning assigned to such term in the
         Acquisition Amendment;

         "FIRST CASH PAYMENT" has the meaning assigned to such term in the
         Acquisition Amendment;

         "FORMER OD2 SHAREHOLDERS" has the meaning assigned to such term in the
         Acquisition Amendment;

         "LAW" or "LAWS" means all applicable legislation, statutes, directives,
         regulations, judgments, decisions, decrees, orders, instruments,
         by-laws, and other legislative measures or decisions having the force
         of law, treaties, conventions and other agreements between states, or
         between states and the European Union or other supranational bodies,
         rules of common law, customary law and equity, all civil and other
         codes and all other laws of, or having effect in, any jurisdiction from
         time to time and whether before or after the date of this Agreement;

         "LOCKUP SHARES" has the meaning assigned to such term in the
         Acquisition Amendment;

         "LOCKUP EXPIRATION DATE" has the meaning assigned to such term in the
         Acquisition Amendment;

         "OFFER DOCUMENT" means the document dated 22 June, 2004 setting out the
         terms of the offer from Loudeye to acquire the entire issued share
         capital of OD2;

         "SECOND CASH PAYMENT" has the meaning assigned to such term in the
         Acquisition Amendment; and

         "TRANSFER" means, with respect to any Loudeye Shares, any direct or
         indirect sale, any offer to sell, any contract to sell (including,
         without limitation, any short sale), the grant of any option to
         purchase, or any other transfer or disposition of Loudeye Shares, or
         the entry into a hedging or other transaction that transfers the
         economic consequences of holding the Loudeye Shares.

1.2      Construction of certain references

         In this Agreement, where the context admits:

         (A)      Unless otherwise defined herein, words and phrases the
                  definitions of which are contained or referred to in the Deed
                  Poll shall have the same meaning in this Agreement;

         (B)      words and phrases the definitions of which are contained or
                  referred to in Part XXVI Companies Act 1985 shall be construed
                  as having the meanings thereby attributed to them;

         (C)      every reference to a particular statutory provision or other
                  Law shall be construed also as a reference to all other Laws
                  made under the Law referred to, and to all such Laws as

                                       2
<PAGE>

                  amended, re-enacted, consolidated or replaced or as their
                  application or interpretation is affected by other Laws from
                  time to time, and whether before or after the date of this
                  Agreement;

         (D)      references to clauses and schedules are references to clauses
                  of and schedules to this Agreement, and references to this
                  Agreement include the schedules to this Agreement;

         (E)      references to the singular shall include the plural and vice
                  versa and references to the masculine, the feminine and the
                  neuter shall include each other such gender;

         (F)      "person" includes any individual, partnership, company, body
                  corporate, corporation sole or aggregate, state or agency of a
                  state, and any unincorporated association or organisation, in
                  each case whether or not having separate legal personality,
                  and shall include any trade union;

         (G)      "company" includes any body corporate; and

         (H)      references to the "parties" or to a "party" to this Agreement
                  shall mean the parties to this Agreement (or any one of them)
                  including their permitted successors and assigns.

2.       Effectiveness of Certain Provisions of this Agreement

         Notwithstanding anything to the contrary herein, the provisions of
         Clauses 3.1 and 4.1 of this Agreement shall become effective and
         binding on the parties with effect from and conditional upon the
         Effective Time occurring under the Acquisition Amendment. If the
         Effective Time does not occur under the Acquisition Amendment (and at
         all times prior to the occurrence of the Effective Time), the
         provisions of Clauses 3.1 and 4.1 shall be not be binding on the
         parties hereto. All other provisions of this Agreement shall be
         effective and binding upon the parties hereto upon the execution of
         this Agreement by the parties hereto.

3.       Escrow Arrangements

3.1      Notwithstanding the terms of Schedule 9 to the Deed Poll, the parties
         agree that if the Effective Time occurs:

         (A)      Loudeye shall continue to retain the Loudeye Shares issued by
                  it prior to the date hereof that are currently being held by
                  Loudeye as Escrow Shares (in the amounts set forth in column 3
                  of Schedule 1 hereto), and such Loudeye Shares shall continue
                  to constitute Escrow Shares and shall be held subject to the
                  terms and conditions of Schedule 9 to the Deed Poll; and

         (B)      Each of the Obligors irrevocably directs Loudeye to (and
                  consents and agrees to) Loudeye retaining from each Obligor's
                  aggregate entitlement to Cash Payments and Accelerated
                  Consideration Shares pursuant to the Acquisition Amendment,
                  the amount of cash set forth opposite such Obligor's name in
                  column 4 of Schedule 1 hereto (the "ACCELERATED CONSIDERATION
                  ESCROW CASH") and the number of Accelerated Consideration
                  Shares set forth opposite such Obligor's name in column 5 of
                  Schedule 1 hereto (the "ACCELERATED CONSIDERATION ESCROW
                  SHARES"). The Accelerated Consideration Escrow Cash and
                  Accelerated Consideration Escrow Shares retained by Loudeye
                  pursuant to this Clause 3.1(B) shall be treated as Escrow Cash
                  and Escrow Shares, respectively, for purposes of Schedule 9 to
                  the Deed Poll, shall be held subject to the terms and
                  conditions of Schedule 9 to the Deed Poll and shall be deemed
                  to satisfy all retentions which Loudeye would otherwise be
                  permitted to make pursuant to Schedule 9 to the Deed Poll in
                  respect of

                                       3
<PAGE>

                  the Cash Payments and the Accelerated Consideration Shares;
                  provided that Loudeye shall itself hold back the Accelerated
                  Consideration Escrow Cash in lieu of depositing such amounts
                  in an Escrow Account. For the avoidance of doubt, Loudeye
                  shall only be entitled to retain 50% of the Accelerated
                  Consideration Escrow Cash upon payment of the First Cash
                  Payment with the remaining 50% being retained upon payment of
                  the Second Cash Payment.

(C)      Mike Large agrees that:

         (a)      either (i) he shall deposit with Loudeye (and agrees that
                  Loudeye may retain) the number of Loudeye Shares opposite his
                  name in column 6 of Schedule 1 hereto as Escrow Shares
                  (subject to the terms and conditions of Schedule 9 to the Deed
                  Poll) as and when he exercises options held by him with
                  respect to the Large Escrow Shares (as defined below); or (ii)
                  he shall leave unexercised sufficient number of options as
                  represents that number of Loudeye Shares opposite his name in
                  column 6 of Schedule 1, (such shares, the "LARGE ESCROW
                  SHARES") (and the obligations in this clause shall be in
                  substitution for his obligations under paragraphs 2.1 and 2.2
                  of Schedule 9 of the Deed Poll); and

         (b)      if at any time when he still holds options to purchase Loudeye
                  Shares he would, if such options had been exercised at that
                  time, have become obliged pursuant to the terms of the Deed
                  Poll to waive his right to such Loudeye Shares which would
                  fall to be issued upon exercise of such options, Loudeye shall
                  be entitled to cancel his options to purchase the Loudeye
                  Shares which he would otherwise have waived the right to
                  receive.

(D)      The following amendments shall be made to Schedule 9 to the Deed Poll:

         (a)      in paragraph 6.1, the definition of "B" shall be amended to
                  read "a fraction, the numerator of which is the aggregate
                  amount of the relevant Obligor's Escrow Cash, and the
                  denominator of which is the aggregate amount of Escrow Cash of
                  all Obligors";

         (b)      in paragraph 6.2, the definition of "B" shall be amended to
                  read "a fraction, the numerator of which is the aggregate
                  number of the relevant Obligor's Escrow Shares (and/or options
                  over Large Escrow Shares as the case may be), and the
                  denominator of which is the aggregate amount of Escrow Shares
                  of all Obligors ( and including where applicable options to
                  acquire Large Escrow Shares)";

         (c)      in paragraph 6.6, the words "percentage proportions set out in
                  paragraph 2.1" shall be replaced with the words "manner
                  described in the foregoing provisions of this paragraph 6".

3.2      Notwithstanding the terms of Schedule 9 to the Deed Poll, the parties
         agree that if the Effective Time does not occur on or prior to the
         Cut-off Time, then with effect from the Cut-off Time:

         (A)      Loudeye shall continue to retain the Loudeye Shares issued by
                  it prior to the date hereof that are currently being held by
                  Loudeye as Escrow Shares (in the amounts set forth in column 3
                  of Schedule 1 hereto), and such Loudeye Shares shall continue
                  to constitute Escrow Shares and shall be held subject to the
                  terms and conditions of Schedule 9 to the Deed Poll; provided
                  that if Loudeye receives written instructions from the
                  Obligors that the amounts of such Escrow Shares being held in
                  escrow are to be reallocated amongst the Obligors (subject to
                  such instructions providing that the aggregate number of
                  Loudeye

                                       4
<PAGE>

                  Shares to be held in escrow by Loudeye shall remain
                  unchanged), then the parties shall take such actions as may be
                  necessary (including the release by Loudeye of the applicable
                  number of Escrow Shares to certain Obligors and the delivery
                  to Loudeye of the applicable number of additional Loudeye
                  Shares by other Obligors) to adjust the amounts of Loudeye
                  Shares that are currently being held by Loudeye as Escrow
                  Shares such that Loudeye retains from each Obligor the number
                  of Loudeye Shares specified in such notice, and such Loudeye
                  Shares shall continue to constitute Escrow Shares and shall be
                  held subject to the terms and conditions of Schedule 9 to the
                  Deed Poll; and

         (B)      Loudeye shall continue to withhold an aggregate of 15% of any
                  payments of cash or Loudeye Shares made pursuant to the Offer
                  Document (including pursuant to any promissory note) that may
                  be made in the future (the "Future Escrow Withholding Amount")
                  which amount shall be withheld from the payments to be made to
                  the Obligors based on each Obligor's Relevant Percentage;
                  provided that if Loudeye receives written instructions from
                  the Obligors that any Future Escrow Withholding Amount should
                  be withheld from the Obligors in different proportions,
                  Loudeye shall follow (and be entitled to rely on) such
                  instructions (it being understood that any such instructions
                  shall allocate the entire applicable Future Escrow Withholding
                  Amount(s) to be withheld amongst the Obligors).

         (C)      The following amendments shall be made to Schedule 9 to the
                  Deed Poll:

                  (a)      in paragraph 6.1, the definition of "B" shall be
                           amended to read "a fraction, the numerator of which
                           is the aggregate amount of the relevant Obligor's
                           Escrow Cash, and the denominator of which is the
                           aggregate amount of Escrow Cash of all Obligors";

                  (b)      in paragraph 6.2, the definition of "B" shall be
                           amended to read "a fraction, the numerator of which
                           is the aggregate number of the relevant Obligor's
                           Escrow Shares (and/or Mike Large's options over
                           Loudeye Shares that Mike Large is obligated to
                           deposit in escrow as the case may be), and the
                           denominator of which is the aggregate amount of
                           Escrow Shares of all Obligors (and including where
                           applicable Mike Large's options to acquire Loudeye
                           Shares that Mike Large is obligated to deposit in
                           escrow)";

                  (c)      in paragraph 6.6, the words "percentage proportions
                           set out in paragraph 2.1" shall be replaced with the
                           words "manner described in the foregoing provisions
                           of this paragraph 6".

         This Clause 3.2 shall not become effective if the Effective Time occurs
         on or prior to the Cut-Off Time.

3.3      For the avoidance of doubt, in the event of any discrepancy between the
         applicable terms of this Clause 3 and:

         (A)      the terms of the Offer Document;

         (B)      the terms of the Deed Poll; or

         (C)      the terms of any Promissory Note,

                                       5
<PAGE>

                  the terms of this Clause 3 shall prevail in all respects
                  irrespective of whether the Offer, Deed Poll or Promissory
                  Notes contain any terms to the effect that the terms of such
                  document are the whole agreement between the parties.

4.       Orderly Sales Provisions

4.1      The parties agree that Schedule 13 of the Deed Poll (subject to the
         exempt disposals set out in paragraph 7 of Schedule 13) shall continue
         to apply to all Transfers of Loudeye Shares by the Obligors, except
         that if the Effective Time occurs, the table in paragraph 3 of Schedule
         13 of the Deed Poll shall be replaced with the following table:

<TABLE>
<CAPTION>
        Prior Day Average Daily Trading
              Price as a % of VWAP              Maximum Daily Trading as % of ADTV
        -------------------------------         ----------------------------------
        <S>                                     <C>
               Greater than 150%                             Up to 50%
                 > 115% to 150%                              Up to 35%
                 > 110% to 115%                              Up to 30%
                 > 105% to 110%                              Up to 25%
                 > 100% to 105%                              Up to 20%
                 > 95% to 100%                               Up to 15%
                  > 90% to 95%                               Up to 10%
                  > 85% to 90%                               Up to 10%
                 Less than 85%                               Up to 10%
</TABLE>

4.2      The parties agree that the definition of "AVERAGE DAILY TRADING PRICE"
         for the purposes of Schedule 13 of the Deed Poll shall be replaced with
         the following definition:

         "AVERAGE DAILY TRADING PRICE" means the average trading price of
         Loudeye Shares on NASDAQ for the Trading Day immediately prior to the
         Proposed Sale Date (determined by averaging the high and low price of
         the Loudeye Shares on such Trading Day).

5.       Announcements

         Loudeye and the Obligors agree that Loudeye will file this Agreement
         (together with a summary thereof) on Form 8-K with the Securities and
         Exchange Commission within one Business Day after this Agreement has
         been executed and delivered by Loudeye and each of the Obligors. The
         Obligors agree to treat as strictly confidential the provisions of this
         Agreement until such time as the Form 8-K referenced in the preceding
         sentence has been filed with the Securities and Exchange Commission.

6.       Costs

         Except as provided in the Acquisition Amendment in the event the
         Effective Time occurs, each party shall bear its own costs and expenses
         arising out of or in connection with the preparation, negotiation and
         implementation of this Agreement and the arrangements contemplated
         herein.

                                       6
<PAGE>

7.       Law and jurisdiction and third party rights

7.1      English law

         This Agreement shall be governed by, and construed in accordance with,
         English law, except that the provisions of Clause 4 of this Agreement
         shall be governed by the laws of the State of Delaware, in each case
         without regard to the principles of conflicts of law thereof.

7.2      Jurisdiction

         In relation to any legal action or proceedings to enforce the
         provisions of this Agreement or arising out of or in connection with
         this Agreement ("PROCEEDINGS") each of the parties irrevocably submits
         to the non-exclusive jurisdiction of the English courts and waives any
         objection to Proceedings in such courts on the grounds of venue or on
         the grounds that the Proceedings have been brought in an inappropriate
         forum.

7.3      Contracts (Rights of Third Parties) Act 1999

         A person who is not a party to this Agreement has no right under the
         Contracts (Rights of Third Parties) Act 1999 to enforce any of its
         terms.

8.       Notices

         All notices required or permitted hereunder shall be in writing and
         shall be deemed effectively given: (a) upon personal delivery to the
         party to be notified, (b) when sent by confirmed electronic mail, or
         facsimile (subject, in the case of a facsimile, to confirmation of
         uninterrupted transmission by a transmission report) if sent during
         normal business hours of the recipient, or if not sent during normal
         business hours of the recipient, then on the next Business Day, or (c)
         two (2) days after deposit with an internationally recognized overnight
         courier, specifying next day delivery, with written verification of
         receipt. All communications shall be sent (i) if to Loudeye, to the
         address (or electronic mail address or facsimile number) as set forth
         below or to such other address or electronic mail address or facsimile
         number as Loudeye may designate by ten (10) days advance written notice
         to the other parties hereto and (ii) if to an Obligor, to the address
         (or electronic mail address or facsimile number) set forth on Schedule
         1 hereto opposite such Obligor's name or to such other address or
         electronic mail address or facsimile number as any Obligor may
         designate by ten (10) days advance written notice to Loudeye.

         TO LOUDEYE:

         Loudeye Corp.
         1130 Rainier Avenue South,
         Seattle,
         Washington 98144
         USA

         Attention:        Lawrence J. Madden, email: larry.madden@loudeye.com
                           Eric S. Carnell, email: eric.carnell@loudeye.com
         Fax:              +1 (206) 832-4001

         AS WITNESS the hands of the parties or their duly authorised
         representatives on the date first before written have executed this
         Agreement as a Deed.

                                       7
<PAGE>

                       SCHEDULE 1: FORMER OD2 SHAREHOLDERS

<TABLE>
<CAPTION>
(1) NAME       (2) ADDRESS, FAX AND             (3) ESCROW SHARES      (4) PORTION OF CASH     (5) ACCELERATED      (6)  MIKE LARGE
               EMAIL DETAILS                    CURRENTLY HELD BY      PAYMENT TO (5) BE       CONSIDERATION        ESCROW SHARES/
                                                LOUDEYE                DEPOSITED TO ESCROW     ESCROW SHARES        ESCROW OPTIONS
                                                                       (POUND STERLING)
--------       ---------------------------      -----------------      -------------------     ----------------     ---------------
<S>            <C>                              <C>                    <C>                     <C>                  <C>
Peter          Box Mill                              611,274                91,047.03               107,260
Gabriel        Mill Lane
               Box
               Wiltshire
               SN13 8PL
               UK
               peterg@realworld.co.uk

Charles        Little Court                          497,002                59,027.96                87,208
Grimsdale      Grib Lane
               Blagdon
               North Somerset
               BS40 7SA
               UK
               charles.grimsdale@od2.co.uk
               0117 9100 151

Susan          Little Court                           10,554                 1,748.32                 1,851
Kelly          Grib Lane
Moule          Blagdon
               North Somersets
               BS40 7SA
               UK
               s.k.moule@bristol.ac.uk
               0117 9100 151
</TABLE>

                                  SCHEDULE 1-1

<PAGE>

<TABLE>
<CAPTION>
(1) NAME       (2) ADDRESS, FAX AND             (3) ESCROW SHARES      (4) PORTION OF CASH     (5) ACCELERATED      (6)  MIKE LARGE
               EMAIL DETAILS                    CURRENTLY HELD BY      PAYMENT TO (5) BE       CONSIDERATION        ESCROW SHARES/
                                                LOUDEYE                DEPOSITED TO ESCROW     ESCROW SHARES        ESCROW OPTIONS
                                                                       (POUND STERLING)
--------       ---------------------------      -----------------      -------------------     ----------------     ---------------
<S>            <C>                              <C>                    <C>                     <C>                  <C>

Quester        29 Queen Anne's Gate                  440,252                72,937.14                77,250
VCT 2 Plc      London
               SW1H 9BU
               UK
               jamie.Brooke@Quester.co.uk

Quester        29 Queen Anne's Gate                  440,252                72,937.14                77,250
VCT 3 Plc      London
               SW1H 9BU
               UK7
               Jamie.Brooke@Quester.co.uk

Quester        29 Queen Anne's Gate                  165,053                27,344.63                28,962
VCT 4 Plc      London
               SW1H 9BU
               UK
               Jamie.Brooke@Quester.co.uk

Quester        29 Queen Anne's Gate                  173,742                28,784.10                30,486
Venture        London
Partners       SW1H 9BU
               UK
               Jamie.Brooke@Quester.co.uk

IEP NIF        Daiwa Yaesu Buildings                  32,245                 5,342.10                 5,658
New Tech       1-2-1 Kyobashi
Fund 99A       Chou-ku
               Tokyo 104-0031
               Japan
               nomura@nif.co.jp
</TABLE>

                                  SCHEDULE 1-2

<PAGE>

<TABLE>
<CAPTION>
(1) NAME       (2) ADDRESS, FAX AND             (3) ESCROW SHARES      (4) PORTION OF CASH     (5) ACCELERATED      (6)  MIKE LARGE
               EMAIL DETAILS                    CURRENTLY HELD BY      PAYMENT TO (5) BE       CONSIDERATION        ESCROW SHARES/
                                                LOUDEYE                DEPOSITED TO ESCROW     ESCROW SHARES        ESCROW OPTIONS
                                                                       (POUND STERLING)
--------       ---------------------------      -----------------      -------------------     ----------------     ---------------
<S>            <C>                              <C>                    <C>                     <C>                  <C>

IEP NIF        Daiwa Yaesu Buildings                  32,245                 5,342.10                 5,658
New Tech       1-2-1 Kyobashi
Fund 99B       Chou-ku
               Tokyo 104-0031
               Japan
               nomura@nif.co.jp

IEP            Daiwa Yaesu Buildings                  76,216                12,626.78                13,373
Partnership    1-2-1 Kyobashi
NIF New        Chou-ku
Tech Fund      Tokyo 104-0031
2000/01        Japan
               nomura@nif.co.jp

IEP            Daiwa Yaesu Buildings                 123,210                20,412.39                21,620
Partnership    1-2-1 Kyobashi
NIF New        Chou-ku
Tech Fund      Tokyo 104-0031
2000/02        Japan
               nomura@nif.co.jp

IEP NIF-       Daiwa Yaesu Buildings                  46,994                 7,785.61                 8,246
21-ONE         1-2-1 Kyobashi
               Chou-ku
               Tokyo 104-0031
               Japan
               nomura@nif.co.jp
</TABLE>

                                  SCHEDULE 1-3

<PAGE>

<TABLE>
<CAPTION>
(1) NAME       (2) ADDRESS, FAX AND             (3) ESCROW SHARES      (4) PORTION OF CASH     (5) ACCELERATED      (6)  MIKE LARGE
               EMAIL DETAILS                    CURRENTLY HELD BY      PAYMENT TO (5) BE       CONSIDERATION        ESCROW SHARES/
                                                LOUDEYE                DEPOSITED TO ESCROW     ESCROW SHARES        ESCROW OPTIONS
                                                                       (POUND STERLING)
--------       ---------------------------      -----------------      -------------------     ----------------     ---------------
<S>            <C>                              <C>                    <C>                     <C>                  <C>
NIF            Daiwa Yaesu Buildings                 132,575                21,963.93                23,263
Ventures       1-2-1 Kyobashi
Co Ltd         Chou-ku
               Tokyo 104-0031
               Japan
               nomura@nif.co.jp

John Grinham   4 Iddesleighs Road                     62,198                10,304.50                10,914
               Redland
               Bristol
               BS6 6YJ
               UK

               john.grinham@od2.co.uk

               0117 9100 151

Dave           18 Noble Street                        60,874                10,084.99                10,681
Shephard       Sherston
               Wiltshire
               SN16 0NA
               UK
               dave.shephard@od2.co.uk
               0117 9100 151

</TABLE>

                                  SCHEDULE 1-4

<PAGE>

<TABLE>
<CAPTION>
(1) NAME       (2) ADDRESS, FAX AND             (3) ESCROW SHARES      (4) PORTION OF CASH     (5) ACCELERATED      (6)  MIKE LARGE
               EMAIL DETAILS                    CURRENTLY HELD BY      PAYMENT TO (5) BE       CONSIDERATION        ESCROW SHARES/
                                                LOUDEYE                DEPOSITED TO ESCROW     ESCROW SHARES        ESCROW OPTIONS
                                                                       (POUND STERLING)
--------       ---------------------------      -----------------      -------------------     ----------------     ---------------
<S>            <C>                              <C>                    <C>                     <C>                  <C>
Ed             41 Beauchamp Road                      55,773                 9,239.99                 9,786
Averdieck      Clapham Junction
               London
               SW11 1PG
               UK

               ed.averdieck@od2.co.uk
               0117 9100 151

Christopher    Top Floor Flat                         48,719                 8,071.29                 8,548
Pike           18 The Avenue
               Sneyd Park
               Bristol
               BS9 1PE
               UK

               tiff.pike@od2.co.uk
               0117 9100 151

Mike Large     The Malting Barn                            0                        0                     0              34,360
               185 Top Lane
               Whitley
               Melksham SN12 8QL

               mike.large@realworld.co.uk

                                                ============           ==============          ============         ===========
                 TOTALS                            3,009,178               465,000.00               528,014              34,360
                                                ============           ==============          ============         ===========
</TABLE>

                                  SCHEDULE 1-5

<PAGE>

Executed as a Deed by       )
LOUDEYE CORP.               )
Acting by:                  )

                                      /s/ Michael A. Brochu
                                      Authorised signatory

SIGNED AS A DEED by Charles Grimsdale                     /s/ Charles Grimsdale

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Peter Gabriel                         /s/ Peter Gabriel

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Michael Large                         /s/ Michael Large

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Edward Averdieck                      /w/ Edward Averdieck

in the presence of:

......................................
Name:
Address:

Occupation:

                                       S-1
<PAGE>

                                                          /s/ John Grinham

SIGNED AS A DEED by John Grinham

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by David Shephard                        /s/ Dave Shephard

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Christopher Pike                      /s/ Christopher Pike

in the presence of:

......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by Susan Moule                           /s/ Susan Moule

in the presence of:

......................................
Name:
Address:

Occupation:

                                       S-2
<PAGE>

SIGNED AS A DEED by
QUESTER CAPITAL MANAGEMENT LIMITED
in its capacity as manager of
QUESTER VENTURE PARTNERSHIP LLP
acting by

                                             /s/ Andrew Holmes
               , a director and              ..................................

                                             /s/ M.G. Williams
               , a director                  ..................................

SIGNED AS A DEED by

Quester VCT2 plc acting by

                                             /s/ Peter Roberts
               , a director and              ..................................

                                             /s/ Richard Drover
               , secretary                   ..................................

SIGNED AS A DEED by

Quester VCT3 plc acting by

                                             /s/ M.J. Brooke
               , a director and              ..................................

                                             /s/ Richard Drover
               , secretary                   ..................................

SIGNED AS A DEED by

Quester VCT4 plc acting by

                                             /s/ Andrew Holmes
               , a director and              ..................................

                                             /s/ M.G. Williams
               , secretary                   ..................................

SIGNED AS A DEED by

Investment Enterprise Partnership 'NIF
New Technology Fund 99A' acting by

in the presence of:

/s/ Shuichi Taniguichi                       /s/ Shinichiro Hakuta
......................................        ..................................
Name:                                                      Authorized signatory
Address:

Occupation:

                                       S-3
<PAGE>

SIGNED AS A DEED by

                                             /s/ Shinichiro Hakuta
Investment Enterprise Partnership 'NIF       ..................................
New Technology Fund 99B' acting by                         Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by

                                             /s/ Shinichiro Hakuta
Investment Enterprise Partnership 'NIF       ..................................
New Technology Fund 2000/01' acting by                     Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
......................................
Name:
Address:

Occupation:

SIGNED AS A DEED by

                                             /s/ Shinichiro Hakuta
Investment Enterprise Partnership 'NIF       ..................................
New Technology Fund 2000/02' acting by                     Authorised signatory

in the presence of:

/s/ Shuichi Taniguichi
..............................................
Name:
Address:

Occupation:

SIGNED AS A DEED by

                                             /s/ Shinichiro Hakuta
NIF Ventures Co. Limited acting by           ..................................
                                                           Authorised signatory
in the presence of:

/s/ Shuichi Taniguichi
......................................
Name:
Address:

Occupation:

                                       S-4
<PAGE>

SIGNED AS A DEED by

                                             /s/ Shinichiro Hakuta
Investment Enterprise Partnership 'NIF       ..................................
New Technology Fund NIF 21-One(1)'                         Authorised signatory
acting by

in the presence of:

/s/ Shuichi Taniguichi
......................................
Name:
Address:

Occupation:
                                       S-5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]