A streaming music-revenue sharing deal has been struck between hybrid IM and social net imeem  and online music distributor Snocap. The deal calls for imeem to allow Snocap’s artists to stream music for free on the social net’s site.  In return, Snocap, which is run by Napster founder Shawn Fanning, gets to promote artists from labels it has deals with to imeem’s 16 million users and the labels, aside having a new marketing avenue, can point to one site that gives them control over their content. As a further incentive, imeem and Snocap promise to share ad revenue with the record companies as well. Imeem contends that could be more valuable than charging royalties for the use of artists’ songs on the site. Snocap’s artist registry currently includes over three million songs. All of Snocap’s registered labels and unsigned artists will be invited to include their content on the imeem service. 
Related:
—Imeem Joins The Social Networking Scene
—@ MidemNet: Merlin To Sell Music Via MySpace; Unprotected MP3s; NMPA Talks Royalties