Imeem Swirls Around Snocap, Acquisition Possible

from digital music news:

Imeem may be acquiring Snocap, according to an early report bubbling Wednesday. TechCrunch confidently pointed to the purchase, though neither party has confirmed a buyout. Imeem, a media-focused social networking destination, has been pushing aggressively into music though licensing deals and acquisitions. Snocap allows bands to easily sell their content online through a widget-based approach, though the company has experienced difficulty ramping revenues.

Snocap forged a heavily-hyped partnership with MySpace in 2006, though the tie-up ultimately fell below expectations. Elsewhere, a partnership with CD Baby also proved fruitless. Late last year, Snocap confirmed its intentions to sell, though Imeem may have scooped the property at a distressed valuation. Snocap powers digital registry and identification technology for Imeem, a critical technology for detecting unauthorized songs.