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It has been reported that Warner Music Company has invested quite a bit in two web-based services, $15 million for Imeem and $20 million for Lala. The investment comes off as a surprise as Warner Music has lately been off the hooks with online music stores and had called Imeem an infringer before the two reached in agreement in July.
The date of investment is still a question as the announcement was made in Warner Music Group’s 10Q. Both Imeem and Lala had been up for sad turns, marred by Warner’s lay suits but the present offering appears to be far attractive to put down.
Warner Music taking away its accusation off from Imeem shouldn’t be of surprise and Imeem by July had grown to be the No.1 streaming music site with over 27 million unique visitors. This must have been the reason why Warner didn’t only take away its case but also agreed to share its music and video catalogues with Imeem in return of a revenue sharing agreement.
The present investment is bound to bring in more loyalty to Warner Music as both Lala and Imeem have enough user-base that can be used by Warner to generate revenue as well as extend itself to a wider audience.
Yeah Imeem is quite fine! It’s part of the websites which contributed to the revolution in the musical world. However, my favourite one in that context is http://www.deezer.com/en which brought real free and legal music-on-demand! It’s quite great, and it has quite a huge catalogue right now! Check it out.