In a set back for RIAA and MPAA, Bittorrent technology has just received a commitment of $8.75 million in financial support. Ironically the funding is to support further development of the technology for use as a commercial distribution tool for media companies.
Cohen said the financing from Menlo Park, Calif.-based Doll Capital Management demonstrates the capital firm's belief that "BitTorrent will become the ideal platform for both independent publishers and the world's leading media companies alike,"
The technology was first developed in 2001 after Bram Cohen created Bittorrent as a hobby after becoming un-employed following the dotcom crash. It's now the preferred method to share files on the internet, replacing p2p applications like Napster & Kazaa.
View: Washington Post report (Thanks oddcrap)