Imeem To Buy SNOCAP

Updated:

January 11, 2017 11:27 am

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Social media site Imeem will reportedly purchase the digital music store, SNOCAP, later this week, techcrunch.com is reporting.

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Social media site Imeem will reportedly purchase the digital music store, SNOCAP, later this week, techcrunch.com is reporting.

SNOCAP, launched in 2002 as an alternative to P2P piracy, has found itself in an increasing struggle for survival over the past few years. Even after its much-publicized distribution deal with Myspace.com, the company failed to pick up steam in the marketplace. Just last October, it was forced to lay off over half of its staff.

Meanwhile Imeem, which uses SNOCAP’s digital fingerprinting technology for its streaming music, has undergone rapid expansion in the past few months, acquiring online radio Anywhere.fm in January.

The real asset for Imeem seems to be the digital fingerprinting technology. The software, which Imeem adopted last June, tracks the number of times a particular song is streamed on the site in order to proportionally share ad revenue with labels. If SNOCAP were to go under, Imeem would be hard-pressed to find a suitable replacement. As such, analysts speculate that the takeover might be a preventive measure for the streaming site.