Source Pravda.Ru

Imeem finally confirms acquisition of Snocap

In February 2008 it was reported that SNOCAP had been acquired by Imeem, today on the 7th of April it was confirmed.

A social media service, Imeem has finally acquired what is left of Snocap, an end-to-end provider of digital licensing and copyright management services. The terms of the deal were not disclosed.

Snocap was started by Shawn Fanning (best known for creating the Napster music service) in 2002.

It has started to cooperate with Imeem since 2007 to track music being played on the site and share ad revenue with artists and labels.

But in 2007 the company faced a number of problems that led to dismissal of approximately 60% of the workforce. There appeared the first rumors that the company was for sale.