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Imeem

jackpot

Shawn Fanning might never have to pitch Volkswagens again

Finally, Napster creator Shawn Fanning will make a little bank. After Napster went bankrupt and he sold Snocap to Imeem for not much at all, Fanning and cofounder Jon Baudanza have sold social network startup Rupture to Electronic Arts for $30 million. The best part: Fanning and Baudanza did it without launching a product out of beta. All Rupture ever built was a still-in-beta network for World of Warcraft gamers. Investors cashing in on the Volkswagen pitchman's payday (see video) include Ron Conway, Joi Ito, Reid Hoffman, and Baseline Ventures.

acquisitions

Shawn Fanning's Snocap purchased by music startup Imeem

Snocap, the company started by Napster creator Shawn Fanning, has been acquired by social network Imeem. What the fate of Fanning's sophomore effort proves: There may be second acts in the Valley, but they're usually not any good. Imeem had been using Snocap's digital registry to identify uploaded music for over a year. It also reunites a number of original Napster employees, like Snocap COO Ali Aydar who will be the new VP of operations at Imeem. Snocap had been rumored to be for sale for some time after slashing jobs. The 15 remaining employees will be absorbed into Imeem's growing San Francisco office — which added the staff from Anywhere.fm earlier this year.

facebook

What would a Facebook music store look like?

Allfacebook.com is reporting a rumor that Facebook will take on Apple's dominant iTunes by introducing its own music store. Few details are provided, save that they are actively looking to hire someone to head the project and discussions with studios have been ongoing. Music applications such as iLike are popular on the social network, and digital music is a natural fit with the site's original college-kid demographic. But could Facebook really pull this off? At this point, we don't really know what a Facebook music store would be. We do know, however, what it's not. More »

silicon valley users guide

5 lessons on how to triumph in the face of adversity

Dalton Caldwell, founder of the little-known social network and media sharing site iMeem, is in the news because Warner Music has dropped a copyright suit against his company Instead, Warner has granted Caldwell's users free access to the label's entire music catalog in exchange for a portion of iMeem's advertising revenue. Caldwell may not be the most powerful social-network CEO, but he's certainly the scrappiest, and this is just the latest example in his history of responding well to adversity. You could learn a lesson from him Or five lessons, actually: More »

caterina fake

Who's who in Newsweek's "Putting the 'We' in Web"

Everyone knows that Caterina Fake and Stewart Butterfield were made for pretty photos. Flickr's founding couple does a great job sexing up the cover of the latest Newsweek as the poster children for the new feel of the Net. In case you missed the last three years of what Newsweek calls "the Living Web," here's an intro to the cast. More »

sxsw

Party with imeem at SXSW

One SXSW party invite stands out today — social IM site imeem (or, properly, "imeem!" but that sounds like a Broadway show) is ending SXSW Interactive SXSW Film (what the hell, imeem?) and kicking off the Austin fest's music leg with a big Tuesday-night party. And they booked a little band named Sleater-Kinney. More »