Imeem, the up and coming social network giant, forged a licensing deal with the last of the four major record companies today, announcing they will feature Universal Music Group's vast digital collection.
Imeem calls itself an online community where “millions of fans and artists discover new music, video, and photos.” Members have the ability to upload and share their own media, as well as listen to and watch others, but cannot download and store files to their hard drives or Ipods.
The site claims 19 million monthly visitors and was rated by comScore as the fastest growing social networking site, according to Information Weekly.
Universal and the other major labels have agreed to share their catalogs for a piece of the ad revenue. Information Weekly reports that many big name labels have already signed on to advertise with the site including Microsoft, Apple and Nike.
The Universal deal -- which follows agreements with Warner, EMI, and Sony BMG -- has been called “a new model” for the music industry, a necessary response to an industry hit by wide spread Internet file sharing.
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