Thursday, October 16, 2008

Imeem Buys Music Tech Company Snocap - InformationWeek

Social mass media web Imeem have acquired Snocap, a digital rights and content direction engineering company. Financial footing were not disclosed.

Imeem touts more than than 24 million visitants and have been ranked by Quantcast as the third-largest societal web in the United States. The land site already utilizes Snocap engineering to place paths that users upload, find whether content proprietors let full streaming, and pull off payments to instrumentalists and labels. Artists and labels who let their music to be streamed share in Imeem's advertisement revenue.

Snocap offers contented designation engineering and a digital register of more than than 7 million songs. The acquisition spreads out Imeem's offers of merchandises and services for people and music labels.

"The Snocap squad built a great engineering platform that volition be utile to Imeem as we go on to grow," John Dalton Caldwell, Imeem's laminitis and CEO, said while announcing the acquisition Monday. "Together we'll construct on that work in the approaching months, and give labels and independent people new ways to advance and sell their music through Imeem, MySpace, and anywhere on the Web."

Rusty Rueff, chief executive officer of Snocap, said the two companies already work toward the same goal: allowing people to advance music in new ways.

Shawn Fanning, Jordan River Mendelson, and Bokkos Conway founded Snocap with championship from WaldenVC, Morgenthaler Ventures, and Court Square Ventures. Snocap's COO, Muhammad Ali Aydar, who was also an early reaching at Napster, will go Imeem's VP of operations.

Snocap lets more than than 110,000 signed and unsigned artists, along with major record labels and independent labels, to sell music on MySpace and Web land sites through MyStore. The Peal Stones, Coldplay, Diddy, Nickelback, The Shins, liquid crystal display Soundsystem, Lily Allen, Sean Paul, and Corinne Pearl Bailey Rae are among Snocap's MyStore users.

The companies said those merchandises and services will still be available and users will not experience alterations to their business relationships or services. The companies program to better the Snocap MyStore later this year.

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