Report: Warner Music Ready To Make Second Investment In iMeem
May 9, 2008 at 6:11 AM (PT)
WARNER MUSIC GROUP is set to make a second investment in music/social networking site IMEEM, reports SILICON ALLEY INSIDER.
Last year WARNER invested in IMEEM after settling a lawsuit with the site, which allows users to stream individual tracks on-demand. The site has since struck deals with the other major labels, including UNIVERSAL MUSIC GROUP, SONY BMG and EMI.
WMG has touted its investment in IMEEM as evidence of the company's forward thinking about digital music and its willingness to work with interesting start-ups. CEO EDGAR BRONFMAN JR. brought up the deal again during THURSDAY's quarterly earnings call. WARNER's initial stake in the company, he said, is already much more valuable than it was last year.