Social Network Imeem Acquires Digital Music Firm Snocap

Authored by Mark Hefflinger on April 7, 2008 - 7:03am.

San Francisco - Imeem, a music-focused social network that claims 24 million unique monthly visitors, announced on Monday that it has acquired Snocap, the digital music registry and rights clearinghouse service co-founded by Napster creator Shawn Fanning, for an undisclosed sum. San Francisco-based Snocap's digital registry currently counts over 7 million songs, and over 110,000 unsigned and label-based artists are using Snocap MyStores to sell their music on MySpace and other sites.

For the past year, Imeem has used Snocap to identify tracks uploaded to its site, determine rights authorizations, and manage payments to artists and labels for streaming use of their music on Imeem.

The company has deals with all the major labels to stream their music in return for a cut of advertising revenues.

"The Snocap team built a great technology platform that will be useful to imeem as we continue to grow," said Imeem founder and CEO Dalton Caldwell.

"Together we'll build on that work in the coming months, and give labels and independent artists new ways to promote and sell their music through imeem, MySpace and anywhere on the web."

As part of the deal, Snocap COO Ali Aydar will join Imeem as vice president of operations.