WSJ reports MySpace is in early negotiations to buy online-music service Imeem, as the struggling social-networking site tries to ramp up its music and other entertainment offerings.
The talks still are in early stages, and it could still be weeks before a deal is announced. The negotiations involve, in part, finding ways to keep current Imeem employees on staff at MySpace, the story said.
Imeem, a San Francisco-based start-up founded in 2003, lets users stream music, create playlists and share them with friends via email, blogs and profiles on social-networking sites — like MySpace. Imeem has raised more than $25 million. It makes the bulk of its revenue through advertising but also sells ringtones, music downloads and concert tickets.
MySpace is trying to differentiate itself from Facebook by remaking itself as a hangout for people to connect with friends over entertainment content.