Miss your imeem service? A division of the social network site, MySpace, MySpace Music has acquired them. According to The Washington Post, the actual deal signed over imeem’s severs and most of the company’s assets for less that $1million in cash.

As of December 8th imeem’s site was redirected to MySpace Music. All playlists and apps and former imeem functions have ceased. So what happens to the 16 million imeem user accounts? Well, you all get MySpace Music accounts and your playlists will migrate over as well.

It would appear that this is an attempt to compete with the larger sites like Facebook, Twitter, and YouTube. It actually goes a little deeper. Imeem reportedly has been struggling with music license issues and poor advertising. According to Wired, a lawsuit by The Orchard accused imeem of playing music without licenses. Their asking for $150,000 per infringed song. If imeem were to use the million dollars from the MySpace deal, they would only be able to pay for six songs in the lawsuit. So as painful as it might have been, I guess you did the right thing imeem.

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