Universal Music Group, Sony BMG Music Entertainment and Warner Music Group -- three of the four major recording companies -- have licensed their catalog of music to Saratoga Springs-based Wurld Media, the firm said Wednesday.

Wurld Media plans to launch its file-sharing software dubbed Peer Impact, early next year.

Details of the software and price model were not released, but the company said it would allow consumers to buy and share music, video and other content, while ensuring "that artists and rights holders receive their due compensation."

The company added the service would only distribute media that is licensed or in the public domain.

"The online media market is split between authorized legal paid-download services and unauthorized free services," said Greg Kerber, Wurld Media's chairman and chief executive. "The consumer is stuck somewhere in the middle, and that's where Peer Impact comes in."