KCOY Santa Maria, Santa Barbara, San Luis Obispo - News-MySpace buys imeem music site for under $1 mln
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Associated Press - December 8, 2009 4:04 PM ET
LOS ANGELES (AP) - MySpace's online music venture with recording labels completed its purchase of song streaming site imeem on Tuesday, scooping up its 16 million users and mobile phone applications for less than $1 million.
In a blog post, MySpace Chief Executive Owen Van Natta says the deal would allow the MySpace Music venture to integrate imeem's offerings over time.
1 of imeem's functions that MySpace lacks is a mobile phone application that streams songs on Apple Inc.'s iPhones and devices using Google Inc.'s Android operating system, such as the new Droid phone.
San Francisco-based imeem launched its free music business in 2007, but advertising revenues were lacking.
The price tag of less than $1 million is an indication of how difficult the free music business remains.
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