MySpace-Imeem Deal Leaves Indie Artists Unpaid 124
azoblue writes with news that following MySpace's acquisition and shutdown of imeem, independent artists who sold their music through imeem's Snocap music storefronts (on MySpace and other sites) won't be paid what's owed them. More than 110,000 artists are believed to be affected. The crux of the problem is that MySpace acquired only a certain portion of the assets that were imeem — "the domain name and certain technology and trademarks" — and not imeem’s outstanding debts, including the money imeem owed to artists under the Snocap relationship. According to the article, some artists have been owed money for more than a year. "Napster creator Shawn Fanning co-founded Snocap in 2002 to let artists sell their music through an embeddable storefront widget. At one point, the service was marketed as the exclusive way for artists to sell music on MySpace. Imeem bought Snocap last summer. But because MySpace left most aspects of Snocap out of its acquisition of imeem’s assets, all 110,000 or so of those storefronts are gone. The server that hosts them is offline and so is the Snocap website."
Myspace is fast losing relevance (Score:1, Insightful)
How long until (Score:3, Insightful)
Re:That's insolvency (Score:4, Insightful)
And just to back up your point, artists who want protection from this kind of implosion need to join/form a co-op, in which they are the shareholders. That way, they get part of the payoff when the whole thing goes tits up.
Re:Good indie music? (Score:5, Insightful)
Why does that matter? People bought their music, they should get paid.
Re:That's insolvency (Score:3, Insightful)
Some sort of Recording Industry Association, then?
You jest, but it's clear that what is needed is a Recording Artists Association; by, of, and for the artists, and not the labels, who are the members of the RIAA.
Re:Good indie music? (Score:4, Insightful)
I've been trying my best to ignore that particular definition of "indie". It's difficult, so instead I use the word "independent" whenever possible.
Re:Good indie music? (Score:5, Insightful)
I know, right?
More importantly, people not only bought their music, but they paid imeem for it, which basically just kept the money instead of honoring their contract with the artists.
In the sale of imeem to myspace, you can bet the lawyers got paid, and the guys from imeem got theirs. MySpace should honor every one of those contracts instead of just writing them off as "bad" debt.
You can bet that if it was the artists who were the ones breaking the contract with imeem or myspace, lawyers would be crawling up their asses with wire brushes.
This is why I hate to do business with anyone that I can't actually go put my hands on if need be. I do it of course, but I hate it.
Re:That's insolvency (Score:2, Insightful)
Do you doubt that the legal fees involved in the sale of imeem to myspace was much greater than the amount owed to the artists? I bet there was "there" to pay the lawyers, right? But the people who actually made the products that were sold? No money for them.
Remember, the people who bought the music from imeem paid for it. Imeem got that money.
If the artists were the ones breaking the contract, you can bet imeem and/or myspace and newscorp wouldn't stop until they were completely ruined.
Re:Good indie music? (Score:1, Insightful)
Good production does make musicianship better.
If you bring in a decent producer, they will work with the band before they get anywhere near a recording studio, and during the recording as well.
This involves tightening up the arrangements, working on the parts and the performances, all to bring out the essence of what is good about the song, and knowing how to get the most out of the performers.
That's what a producer does, and that is why a good producer can turn an average bands record into a great one.
Of course, most bands can't afford George Martin or Rick Rubin or whoever as a producer, but they would almost certainly benefit if they could.
Re:Good indie music? (Score:3, Insightful)
...and the guys from imeem got theirs.
If only part of imeem was purchased, the revenue from the sale should have gone into paying existing debts. Once those were covered, the execs would be able to take home the remainder. If that didn't happen, the people who got the money are in trouble (assuming the artists lawyer up).
MySpace would be on the hook if all of imeem had been purchased but it wasn't. It still exists so it still owes the artists money which should be paid for out of the sale revenue. Someone at imeem still owes money.
Isn't this what this is? (Score:3, Insightful)
The Canadian government's copyright board says piracy "involves commercial-scale operations and a profit motive" [ic.gc.ca] - isn't that what this is?
Comment removed (Score:5, Insightful)
Re:That's insolvency (Score:1, Insightful)
In the US, it's the IRS, bondholders, secured lines, unsecured lines, unless, of course, president Obama decides to steal a billion dollars from bondholders, in which case, they get skipped. See GM.
Re:Good indie music? (Score:3, Insightful)
Seriously guys, anyone blaming MySpace for this isn't grasping what has happened. This is like if you are going bankrupt, so you hold a yard sale to pay off your debts. John Doe buys some of your stuff. In the end you still can't pay all your debts, so the people you haven't paid go after the guy who stopped by your yard sale? Wait, what?
Re:Good indie music? (Score:2, Insightful)
Quick, someone tell Rupert Murdoch (Score:5, Insightful)
Given Rupert Murdoch's recent comments about copyright thieves stealing content, I'm sure the owner of MySpace will act quickly to ensure that these musicians get the royalties they are owed.
Re:Good indie music? (Score:4, Insightful)