The service claims to have signed deals with the 'Big Four' record companies that would allow users to choose from over 25 million tracks to download for free, with revenue being generated by ads that must be watched while using the software. Also promised are videos, ringtones, lyrics, album art and 'up to the minute artist news'.

The Qtrax website informs the world that a beta version of the software can be downloaded 'from midnight EST' - a deadline that has now come and gone.

Warner Music has now issued a statement denying that it authorised any of its content for use on the Qtrax network, while EMI and Universal have also denied agreeing licensing deals.

Qtrax president Allan Klepfisz has been quoted as saying that Warner was expected to agree to terms "shortly". He claimed that all other parties had agreed to the terms but some deals were yet to be formally signed.

Stay tuned to Hotpress.com for the latest updates...