As had been rumored for a while, music-based social networking service Imeem has finally bought the assets of trouble digital music services firm Snocap. Terms of the deal were not disclosed. This deal brings in content identification technology and a digital registry for Imeem, besides the team. This will help Imeem offer commerce services to labels and artists. Imeem had previously been working with Snocap.
Snocap was founded by *Napster* founder Shawn Fanning, and
had received about $10 million in funding from had raised at least $25 million from investors including Morgenthaler Ventures, WaldenVC, and Court Square Ventures. The company laid off 60 percent of staff last October. It had changed tracks a few times: started a music ID/registry for P2P distribution, and when the industry didn