In a ‘hell freezes over’ kind of way, Warner Music Group will be offering its complete catalog of music and videos on the social media sharing service, iMeem, where users socialize and share content such as blogs, photos, music, and videos.
This comes just after Warner Music Group filed suit in a California District Court against iMeem, claiming the website had infringed on the copyright of its artists. Warner was seeking compensation up to $150,000 for each copyright work infringed on Imeem, but has instead decided to take a piece of the pie.
The terms of the deal, according to the Wall Street Journal, is that Warner will receive a share of iMeem’s startup revenue in exchange for offering its full catalog of music and videos.
“Both parties think that this is a better way of making money on the Internet,” Dalton Caldwell, iMeem CEO, told WSJ in an interview.
The original iMeem service was distributed as a downloadable peer-to-peer network, but has since moved to the Internet where it was remodeled as an ad-supported service. iMeem quickly acquired over 16 million users after the switch.
According to a Hitwise study, iMeem was among the fastest growing social networking sites with a traffic increase of 145% earlier this year.
Users are now getting their music, websites are making money, and those pesky media corporations are less concerned with piracy and more focused on ad-supported, free media – hell truly has froze over.