Staff Layoffs, Sale Rumors At imeem

Michaelangelo Matos | October 22, 2008 4:00 am

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]