One of the largest social networks in the world, MySpace has announced the acquisition of the online music service, Imeem and as per the deal between the two companies, MySpace will have complete control over some of the assets of Imeem. The new venture by the slowly fading social network is been seen as a move on part of the company to alleviate its music services, that have by far kept the website alive.

The acquisition deal between MySpace and Imeem has been valued at $1 million and MySpace might have pinned its hopes on the new deal to get back on its feet and to give some sort of competition to the social network behemoth, Facebook. With the new deal, Imeem’s more than 16 million users will now be redirected to MySpace music and will lose all their play lists that they might have created on the online music service.

However, the deletion of user play lists isn’t going to make much of a difference, as Imeem was suffering from an acute shortage of cash thus losing its contracts with the record labels and in turn the users losing access to Imeem’s vast library of music tracks. The new deal will however retain the top level management of Imeem as consultants to MySpace to provide essential assistance during the transition.

In a press release, MySpace said,

“Today, MySpace Music has completed a deal to acquire certain assets of imeem – a leading social media music service.
MySpace Music and imeem share a common vision and commitment to further enabling the socialization of content across the Web. This deal will allow us to leverage imeem’s industry leading technology and over time, meaningfully integrate their products into the MySpace Music experience.

Since its inception in 2003, imeem has built a highly engaged music community of more than 16 million users worldwide. imeem helped pioneer the ad-supported digital music model and created the Web’s first embeddable music and video playlists enabling users to embed songs and playlists virtually anywhere on the Web, including MySpace.

In the coming weeks, our team will be working as quickly as possible to take aspects of imeem that users love and migrate them to MySpace Music. We’ll start that transition today by redirecting imeem users to MySpace Music to discover their favorite music. As quickly as possible, we’ll be working to offer users the imeem playlists they’ve created on MySpace Music.

We’re also happy to welcome imeem CEO Dalton Caldwell, CTO Bryan Berg, COO Ali Aydar and VP of Sales David Wade to the team as consultants to help manage this transition.
During this transition period, we invite all imeem users to check out MySpace Music’s extensive catalogue of fully licensed music and video content from major and indie artists, editorial coverage, concerts, and ticket information.”

Via Electronista.