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The San Francisco, California based online music streaming company, imeem, has laid off 20 employees which makes 25% of the total workforce. According to VentureBeat, the company has hired Montgomery and Co., the investment bank in order to help them sell the company. Right now the company is not commenting on any of its plan for a potential sale.

Currently the homepage of the site contains 25 million monthly active users along with 85 million through its widgets run on different social networks such as MySpace and other online sites.

Recently the streaming site has launched an application for the Android mobile platform. So far the company has raised $50 million from various venture firms such as Sequoia Capital, DAG Ventures, Warner Music Group and others. According to Paid Content, company’s valuing with the latest round of funding has reached almost $200 million.

The total number of employees of the company were 80 but due to the current layoff, the number has decreased to 60 employees only.