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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.
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