imeem Signs a Deal with Universal Music
Date: 12-12-2007
Music-based social networking service imeem Inc. has signed a licensing agreement with Universal Music Group (UMG) to offer free streaming of full-length music and videos. As part of the deal, Universal Music gets a share of imeem's online advertising revenue. imeem, which claims to have 19 million unique users each month, has already inked the deal with three other major record companies, including EMI Music, Sony BMG Music Entertainment, and Warner Music Group. The deal with UMG now makes imeem the first social networking site to offer full-length, streaming access to the collection of all four major music companies, based on an ad-sharing revenue model. "This is a significant step forward for imeem and a defining moment for social networking and ad-supported music," commented Dalton Caldwell, founder and CEO of imeem. UMG's digital catalog includes many of the world's top-selling artists such as Kanye West, Amy Winehouse, 50 Cent, Black Eyed Peas, Gwen Stefani, Maroon 5, and many others.
