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Social Net Imeem Buys Struggling Music Service Snocap

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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

3 Responses to “Social Net Imeem Buys Struggling Music Service Snocap”

  1. Yeah Imeem is quite fine! It's part of the websites which contributed to the revolution in the musical world. However, my favourite one in that context is http://www.deezer.com/en which brought real free and legal music-on-demand! It's quite great, and it has quite a huge catalogue right now! Check it out.

  2. “CSV II recently made its first investment, leading a $15 million Series C investment in SNOCAP, Inc.” – March 24, 2006 – adds up to a whole lot more than 10 million if C round was 15 million!