After the successful acquisition of the online music service iLike by the popular social network MySpace, the highly successful website is all set to buy out yet another online music resource, that goes by the name of iMeem. The social music service iMeem was launched in the year 2005 as a dedicated service that had entered into advertisement supported contracts with almost very major record label, thus enabling the website to ensure online music sharing.

The details of the deal between MySpace and iMeem are yet unclear and so is the price at which the online music service will purchased by MySpace. iMeem music service in the recent years has been able to raise near about $25 million in venture capital and on the other hand, it has also accumulated a debt of $10 million, due to which if the acquisition does go through as planned, might not turn out to be a most profitable investment for MySpace.

For some time since its inception, iMeem had been able to progress and work efficiently. However, the growing dissatisfaction among the investors, led to to a lack of funding as the investors showed extreme reluctance in investing their money in iMeem. Even with this drawback, MySpace still wishes to acquire the music service, along with the infrastructure, MySpace will also have unrestricted access to iMeem’s engineers, music experts SNOCAP intellectual property.

Via TechCrunch, MySpace & iMeem.