The online service imeem was a social media website where users interacted with each other by streaming, uploading and sharing music and music videos. It operated from 2003 until 2009 when it was shut down after being acquired by MySpace. The company was founded in 2003 by Dalton Caldwell (formerly of VA Linux) and Jan Jannink (formerly of Napster), and many of its core engineering team came from the original Napster file-sharing service. The company takes its name from "meme", a term coined by biologist Richard Dawkins to describe the ideas and cultural phenomena that spread as if they had a life of their own. Helping to pioneer the free, advertising-supported model for online music, imeem permitted consumers to legally upload, stream and share music and music playlists for free with the costs supported by advertising. In 2007, imeem became the first-ever online music site to secure licenses from all four U.S. major music labels to offer their music catalogs for free streaming and sharing on the web. The company also created the web's first embeddable music and video playlists. People could use imeem's widgets to embed songs and playlists from imeem virtually anywhere on the web, including on their MySpace and Facebook profiles or on their personal blogs. Headquartered in San Francisco's South of Market district (SoMa), imeem had additional offices in New York City and Los Angeles. The company's investors included Morgenthaler Ventures and Warner Music Group. On December 8, 2009, imeem was bought out by MySpace Music in a firesale for an undisclosed amount. However, it is stated to have been less than $1 million. Business model Revenue generation at imeem was through a combination of direct and indirect advertising sales, sales of MP3 downloads, ringtones and concert tickets, and subscription revenue from premium services. The bulk of its revenue came from advertising; advertisers who ran direct campaigns with imeem included TheTruth.com/American Legacy Foundation, Kia Motors, and Dr Pepper, among others. The company was one of the pioneers of the ad-supported streaming music model. In 2007, imeem became the first-ever online music site to secure licenses from all 4 major music labels to offer their music catalogs for free streaming and sharing on the web. Under this model, artists and labels were paid a share of imeem's ad revenue in proportion to the popularity of their music on imeem, and had the right to register their content