imeem, the social networking music site that last December entered into a lopsided licensing agreement with Universal and earlier this year snagged $15 million from Warner Music Group, today announced that it laying off a full quarter of its staff; Paid Content reports that the company is being said to have hired a firm to put itself on the sales block. Only five months ago, Maura mentioned that imeem was enjoying robust growth, with unique visits up 58%. I wouldn’t even like to pretend to know how ugly the math on this must be. [Alley Insider]
Staff Layoffs, Sale Rumors At imeem
October 22nd, 2008 // 1 Comment
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Surprised nobody has mentioned that one of imeem’s founders went to work for WMG late last year. Possible this has something to do with that magical $15mil?