Music social-networking website Imeem has recently hired investment banker Montgomery and Co. to handle its sale. The company is also said to have announced some layoffs of mainly technical workers today, estimated to be at about 25 percent of the company's workforce. Since recently relaunching its service, the company is comfortable with its platform, and is now looking to expand its audience and monetize the platform, so it needs less technical workers. Sorry technical workers!
It might seems counter-intutive given our current economic condition, to try and sell your company, but the company's apparent belief is that, due to all of the hubbub recently about Myspace Music, and the expectation that Facebook will launch a music service in the near future, that the getting is currently good, so Imeem will get.
I like the idea of imeem but I always forget about it