Interim Statement

Internet Music & Media PLC
12 July 2000

Internet Music & Media PLC (the 'Company')

Interim Statement to 31 March 2000:

The Company has extended its accounting reference date to 31 December in order
to bring the Company's accounting reference date in line with that of its
subsidiary, Groovetech LLC. Accordingly, the Company's first statutory
financial statements will cover the period from incorporation on 1 September
1999 to 31 December 2000.

Under the AIM Rules of the London Stock Exchange the Company is required to
prepare an interim statement for the period ended 31 March 2000. The
aquisition of Groovetech LLC was completed on 4 May, 2000. Accordingly, the
Directors consider there are no meaningful results to report for the period
ended 31 March, 2000 and the Company will publish a second interim statement
for the ten month period ending 30 June 2000 in due course.


Nicholas Cowan
Chairman