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Wednesday, January 27, 2010

MySpace takes over iMeem, migrates accounts to MySpace Music

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MySpace might not be able to compete with Facebook as a social network, but it's still extremely active on the music side of things. In fact, MySpace just acquired music service iMeem, and has started absorbing its 16 million users into MySpace Music.

It turns out that iMeem was in dire financial straits and would have had to stop providing full-length songs soon because the money to pay music licensing fees just wasn't there.

iMeem users might temporarily be without the most important part of their accounts - the playlists they've created - but MySpace is working to migrate those, too.

From a business standpoint, MySpace probably wins big if even half of those 16 million users stick with MySpace Music. iMeem can't have sold for a whole lot of money. The deal had been rumored for quite a while, but it wasn't held up over the asking price. The issue was the role of iMeem's executives, who ended up staying with MySpace during the transition.

[via PaidContent]

MySpace takes over iMeem, migrates accounts to MySpace Music originally appeared on Download Squad on Wed, 09 Dec 2009 09:00:00 EST. Please see our terms for use of feeds.

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