So MySpace has acquired Imeem.  It seems like an attempt for MySpace to continue its aim to revive its socil network.  Will it work?

MySpace likely purchased Imeem for a relatively low price, according to GigaOm. 

That indicates that MySpace is looking to have quick implementation towards achieving its revamping goals.  It’s something that many social networks have been considering, as the purchase of an established music service means tat the social networks themselves can focus on layering features instead of an entire new build out.  For MySpace, the necessity for an expedited implementation could mean the difference in quarterly earnings for the social networking behemoth.

Between losing advertising revenue and market share to Facebook, MySpace has an urgency in its revival.  Having dominated the social networking scene for years, MySpace has found itself completely corporatized and slow to make effectual changes that will enable it to retain its top dog position.  The result is a vast and expanding need to return to its core competency, and this is surely the message MySpace has been promoting as part of its vision for the future of its company.

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It will just be interesting to see if Imeem can help MySpace veer in the right direction.  MySpace likely didn’t need Imeem’s existing relationships with music companies for the purpose of reaching its music market goals.  MySpace is a large enough entity that it can manage this to a reasonable degree, and has already set up several partnerships with the major recording labels.  Nevertheless Imeem and MySpace seem to have aligning principles in their approach to users, so it may be a good fit after all.

The details on how MySpace intends to use the newly acquired Imeem have yet to be revealed.  We can only imagine that MySace is still looking to build out a music-focused marketplace that can run on its own fruition.  Such a self-sustaining economy could provide additional revenue for MySpace, as well as the advantage of being first to market in relation to other major social networks.

In this regard, MySpace could get an edge in the short-term, though it would still need to take a cooperative stance with other social media outlets in order to provide a set of robust tools for its users.  From music sharing to purchasing, a centralized system on MySpace’s platform could push the evolution of the music market.  Time will tell how well this can be accomplished with the tactics being used by MySpace and Imeem.