MySpace steps up streaming music wars

MySpace has quietly completed a buyout of music streaming service iMeem. Following a tentative deal two months ago, the large social network has reportedly bought up iMeem's assets for under $1 million. It's understood by TechCrunch that iMeem will be shut down and its users steered towards MySpace Music, which offers both free web streams and pay-per-download MP3s.

Key executives are expected to serve as consultants while the service is transitioned over, but the fate of other employees is currently in doubt. iMeem's website is currently inaccessible.

The seemingly finalized acquisition comes just a few days after Apple bought Lala, one of iMeem's most direct rivals. Both companies are likely to have different aims, however, as Apple is believed to be interested primarily in engineers familiar with Internet streaming to expand the reach of iTunes while MySpace is mostly interested in bolstering its existing web service.

By Electronista Staff