Imeem, which was able to declare itself "the first and only social networking service to secure licenses from all four major music companies" about two years ago, now appears to be folding. Reports indicate that MySpace is set to acquire the business for a rather piddling amount.
Imeem was once a fairly successful organization. In addition to sealing the music company deals, it'd earned the backing of Sequoia Capital (which funded Apple, Yahoo, Google, and YouTube over the years), andSource: WebPro News RSS Feed
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