MySpace finally completed its acquisition of music service Imeem last week for a reportedly super-low sum. However, it seems that indie artists won’t be seeing a payday from the revenues they were owed from sales of their music through Snocap widgets – Snocap was bought by Imeem last year, remember. MySpace only bought the Imeem domain name, technology and trademarks, it turns out. “MySpace Music did not acquire imeem’s outstanding debts, including the money imeem owed to artists under the Snocap relationship,” confirms a spokesperson. Some bands are reportedly owed up to a year’s worth of revenues. Source: Wired Epicenter
Like what you’ve read here? This is just a snippet from our subscription service.
Our subscribers get the most important digital music news and analysis delivered to them every morning and full reports every week plus access to a massive archive of data and previous reports.
For a free two week trial of Music Ally, sign up here. No strings attached – we promise!