Web 2.0 rules! In recognition of the growing power and popularity of Web 2.0, particularly social networking sites, Universal Records struck up a licensing deal with Imeem, Inc. Through this partnership, Imeem can now offer music and video streaming featuring the artists under the Universal Records label. That’s not all, it’s completely free! The only catch is that artists can share revenues from the advertisements in Imeem.

Audio CDs seem to be performing poorly in the market nowadays. That is why record companies have to look for alternative means to secure revenues and save their billion dollar industries.

Imeem users and fans can now listen freely to songs and videos of artists such as Kanye West, Amy Winehouse and Snow Patrol. Imeem has had similar deals with three other record labels in the past. So its members can now have access to more songs and videos.

Imeem’s popularity has increased in the past few years since its founding in 2004. Its traffic is being pushed by its advertisements from Apple, Nike and Microsoft among others. Imeem claims to have 19 million users worldwide.

Web 2.0 is indeed changing the way that music is being distributed worldwide. Could this be the beginning of the end for CDs?

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