NEW YORK (Hypebot) â€“ Music based social networker imeem has acquired SNOCAP. Financial terms of the deal were not disclosed. The acquisition provides imeem with content identification technology, a comprehensive Digital Registry. The acquisition also expands the services imeem can offers artists and labels to market and monetize their music through widgets and applications.
As part of the acquisition, SNOCAPâ€™s chief operating officer, Ali Aydar, is joining imeem as its VP of Operations. Aydar was an early exe at both SNOCAP and the original Napster and brings with him a team of engineers.
imeem is currently the third largest social network in the U.S. with 24 million unique visitors a month. imeem's network of embeddable audio and video playlist widgets reach over 100 million consumers a month, according to Quantcast.
SNOCAP created a proprietary content ID and Digital Registry to give artists and labels control over the online distribution of their music. For the past year, imeem has used SNOCAP to identify tracks as they are uploaded by users, determine if they own full streaming of their music, and manage payments for use based a share of ad revenues.
The SNOCAP platform also enables unsigned and independent artists to sell music on MySpace and other websites through the SNOCAP MyStore product. SNOCAP will continue to operate its products and services without changes to usersâ€™ accounts or services. Later this year, the company will make several enhancements to the SNOCAP MyStore. Over 110,000 unsigned, independent and major record labels artists are using SNOCAP MyStores to manage their own distribution and sell their music online.