MySpace/Imeem deal: artists don’t get paid
p2pnet news view | P2P | Music:- 11/6/03 1:25 – 2:20 / JKP 212 / Alex Rofman / Director of Business Development; Snocap (new venture of Shawn Fanning of Napster fame)
You saw that back in Janury, 2004, if you did a search under Fanning and Snocap. There was a site — http://www.snocap.com/ — with a logo. But that was it, and that was all.
And now the wheel has come full circle because today, when you go to the site, once again you get nothing —-
—- just like thousands of indie artists who sold their music through imeem’s Snocap music storefronts on MySpace, says Wired.
Snocap, a DRM-based venture, was hyped to the gills, but nothing came of it and it was ultimately sold to Imeem for an undisclosed price.
Then in November, “They say a fool and his money are soon parted and with that in mind comes the news Rupert Murdoch is apparently on the verge of scarfing up iMeem,” said p2pnet.
Now MySpace owns imeem and not only artists, but other sites “won’t be paid what’s owed even after MySpace Music’s acquisition of some — but not all — of imeem,” says Wired, going on:
“MySpace Music bought ‘certain assets’ from imeem, and they do not include imeem’s liability to more than 110,000 independent artists with Snocap storefronts, according to a source with inside knowledge of the deal. Those artists’ contracts mandate they be paid each month if they’re owed more than $20. Some artists have been owed money for more than a year, and the chance of them seeing any money now is, for all intents and purposes, zero, the source says.
“Artists attempting to get paid for songs sold through Snocap stores — many or most of which were on MySpace itself — must get in line with imeem’s bank and other creditors. MySpace Music paid less than $1 million for imeem, so it’s doubtful much will remain for the artists.”
Adds the story
“One source with inside knowledge of the deal said MySpace Music’s rushed purchase of imeem’s assets forced it to ‘leave behind anything that either had explicit liability or potential liability,’ including Snocap and its debts to thousands of independent artists and bands.”
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First they ignore you, then they laugh at you, then they fight you, then you win ~ Mahatma Gandhi
that was all – Snocap and Shawn Fanning, January 25, 2004
Wired – MySpace/Imeem Deal Leaves Thousands of Artists Unpaid, December 11, 2009
p2pnet – MySpace, on the prowl for iMeem, November 17, 2009
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