Imeem, the popular social network for music sharing, has acquired music site Snocap, which lets bands set their own licensing terms for music downloads.
The deal was expected; we covered early reports here.
Imeem had already partnered with Snocap, we reported last year, to pay a share of ad revenue to music content owners using Snocap’s technology.
According to the company’s statement today:
This acquisition provides imeem with powerful content identification technology, a comprehensive Digital Registry and an enhanced team of executive and engineering talent. Additionally, the SNOCAP acquisition expands the mix of products and services imeem offers to artists and music labels, giving them new opportunities to market, promote and make money from their music through widgets and applications.
Financial terms weren’t disclosed.
Snocap has 110,000 users of its MyStores product, among unsigned and unaffiliated artists, and independent and major record labels. They include The Rolling Stones, Coldplay, Diddy, Nickelback and The Shins.
Tags: co:iMeem, co:Snocap3 Comments
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Gordo said:
I notice that wikipedia tells us that one of imeem’s founders came from napster and brought several of the engineers to imeem from napster.
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Marianne said:
Interesting deal. If they can synergize the momentum of each company they may be able to make a big play in the music download market space. Its very competitive though!
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michael said:
DO NOT DO BUSINESS WITH THESE PEOPLE!!! Snocap’s system is full of bugs and their customer service is practically non-existent. I canceled an account with them and am going through hoops trying to get them to provide a sales record for the period my account was active. It appears they are just out to rip off indepent artists.
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