Social media firm Imeem buys DRM firm Snocap

Today, imeem confirmed earlier reports that it had acquired content licensing and DRM company Snocap. No financial terms were disclosed.

After Snocap saw a major downsizing, laying off 60% of its workforce, the company made it known it was pursuing a sale. Four months later, reports started to circulate that social network for artists and musicians imeem had entered into an acquisition of the suffering company.

Imeem has been using Snocap's content identification technology since 2007 to automatically identify tracks as they are uploaded by users. It determines whether the content's owner allows full streaming of their music, and manages payments to artists and labels for use of their music.

Snocap has partnered with MySpace since 2006, offering independent artists a means of selling their music through its MyStore product. The company has announced that no changes will be made to users' accounts, but will unveil enhancements later this year. Whether imeem will use the same product, or a similar, but uniquely branded "iStore," will soon be shown.

Imeem is a member of Google's OpenSocial network along with MySpace, so developments in that stratum may finally begin for imeem, which recently opened its API, Imeem Media Platform, opening up the site's library of songs, videos and photos to developers.