Online music is hard: iLike shuts down

iLike was once the most popular music application of Facebook, with close to 10 million active users generating 1.5 billion page views per month. On Tuesday, it finally shut down. Its demise proves once again that online music is a tough business to be in.

Imeem Fined $1.77M — More Than Its Sale Price

A U.S. district court judge has fined music site Imeem $1.77 million after it failed to appear in court to respond to a copyright infringement lawsuit. The suit had been partially to blame for the company selling its assets to MySpace for less than $1 million.

MySpace Gets Imeem For A Song

Updated: Yesterday, one source familiar with the situation said it could take weeks to wind up a deal for MySpace to pick up Imeem; today, t…

Why imeem Really Sold Out

akv.jpgThis morning news broke that MySpace, the second-largest social network that’s currently reinventing itself as a music destination, was buying imeem, a free online music service that has been remixed (and remade) more times that ’90s dance anthem “Keep on Moving.” TechCrunch, which reported on the news, didn’t reveal what the deal terms were. I have been dialing sources for information, and have found an interesting backstory behind this sale. Read More about Why imeem Really Sold Out

Imeem Buyout Could Push MySpace Closer to “Freemium”

Consolidation appears imminent in the free streaming music sector, as MySpace is on the verge of acquiring social music site Imeem. A source with knowledge of the situation confirmed that negotiations are in process, but no deal is set. If it happens, the buy would be MySpace’s second fire-sale acquisition this year, following its mid-summer deal for iLike at a bargain-basement price. Imeem’s valuation, once reportedly above $200 million, was said to have fallen below $10 million at the time of a recapitalization round earlier this year. Read More about Imeem Buyout Could Push MySpace Closer to “Freemium”

MySpace About To Pick Up Imeem?

MySpace may follow its acquisition of iLike with streaming music service Imeem to its music roster. TechCrunch, citing multiple unidentified…