It has been reported over at Techcrunch that UK music retailer HMV has announced at its AGM that they will be buying a 50 percent stake in online music retailer 7Digital for £7.7 million. The move looks set to give HMV a ‘great leap forward’ in digital, since 7Digital has been fleet of foot in pushing non-DRM MP3s, open formats and signed deals with tech rock stars like Spotify. CEO Ben Drury, CTO James Kane and other managers are staying on and will be joined by three more from HMV on the JV board.

HMV Group will now use the five year-old 7Digital as its sole supplier for “all of its existing digital operations” in the UK and Canada. 7Digital will also be used to build a new e-books and audiobooks store for HMV’s Waterstones subsidiary, an area previously untouched by 7Digital. HMV’s own effort, GetCloser.com, has bombed, so this deal probably couldn’t come soon enough.

It is great to see that HMV is actually trying new model and markets. It was even reported a month or so ago that HMV had signed their first ever band to a record label, The Boxer Rebellion.

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