Following initial reports from February, popular music-based social media network imeem Inc. has this week confirmed the agreed acquisition of Snocap Inc., the end-to-end provider of digital licensing and copyright management services for digital music.
Social music network imeem confirms its purchase of music tracking service Snocap. Credit: imeem.
Snocap also serves as a digital tracking service thanks to the development of its fingerprinting technology, which is implemented by media Web sites to check uploaded user files against an in-depth registry of copyrighted content in order to establish whether said files are fit for posting and avoid potential copyright violation.
Beyond its use as a copyright precautionary measure, Snocap also monitors official payment through to those record labels and recording artists who have their content streamed through media Web sites such as imeem.
Based on that payment tracking method, Snocap technology can also be found incorporated into hugely popular social network MySpace, which enables its users to sell music downloads directly through their profile pages. Music download sales on MySpace will not be affected by imeem’s purchase of Snocap.
San Francisco-based Snocap, which was founded in 2002 by Napster creator Shawn Fanning, has not revealed the financial details relevant to the acquisition. In October of 2007, Snocap reportedly cut its workforce by more than 50 percent in order to facilitate such an outside purchase.
According to imeem, since its launch in 2004, it has since become the world’s leading social music network, boasting around 25 million monthly visitors with approximately 65,000 new users registering every day.
There are currently no comments for this article. Be the first to comment!
Advertising
There are currently no comments for this article. Be the first to comment!