Media-focused social network, imeem, has just signed a deal with Universal Music Group, enabling their 19 million users to attach music and videos to their profiles, helping them “express themselves.”
Imeem is understandably pleased that they are they only social network to offer music from all four of the major music companies on an advertising-supported basis, with Dalton Caldwell, founder and CEO of imeem, enthusing “This is a significant step forward for imeem and a defining moment for social networking and ad-supported music,” commented
Given a general drop in income, music companies are having to become more humble and do deals with companies that they’d have never previously considered. Revenue is generated by the music companies on imeem by sharing advertising income that is shown along with the video and music that the record companies contribute.
It will be interesting to see how imeem fares against the previously all-conquering MySpace. The core of MySpace has always been its relationship with music – most of it generated by independent musicians – and sharing those musical tastes with their ‘friends.’
With access to the four major music monsters, imeem could well chip away at the number of active MySpace members, reducing them further building on damage that Facebook has already done to them.