All Eyes On imeem: imeem is a social media service where users interact with each other by watching, posting, and sharing content including blogs, photos, audio, and video. Although KOAR can’t verify these figures, according to analysts more than 19 million people now share their music on imeem. According to Business Week the imeem experiment is being closely watched as a potential new ad-supported model. Caldwell notes that music companies have never made money from advertising. Instead music companies make their songs available free on radio stations, MTV, and MySpace as a way to promote vinyl and CD sales. The thought here is that by making music available in compelling new ways, imeem could potentially intrigue members of the Napster generation away from unsanctioned piracy sites. “We think the opportunity for real revenue growth is for ad-supported music,” Caldwell says. “It can be as big as the download business, and Apple doesn’t have a stranglehold.” Imeem has cut licensing deals with three of the four major labels. The labels don’t make their money off the music, but by getting a cut of the advertising that imeem drums up for the site. Imeem CEO Dalton Caldwell says that roughly half of its revenue goes back to the content owners, on a pro rata basis. The more times a label’s songs are played, the more they get paid.

The Trent Rant: Josh Homme gave a piece of his mind last week, now its Nine Inch Nails Trent Reznor who bashes the Grammys.

Trent wrote this on his blog:

While the music industry is doing everything they possibly can to go out of business, can we all make sure to rid ourselves of the Grammys, too? Out of touch old men jacking each other off.
ENOUGH!
Have a nice day

We get it Trent. People back in the day watched the Grammys to get an idea of what other people thought was popular. We hope Trent harnesses his anger and gives us another song like “Head Like A Hole” or “Piggy”.

Pot Dreams: Mr. Hufford said that he and Bryce Edge, Radiohead’s other manager, had come up with the pay-what-you-want plan during a stoned philosophical conversation about the value of music. They had initially proposed releasing only the download and the deluxe box, but the band overruled them, noting that many of its fans are neither downloaders nor elite collectors. Hufford also says regarding the ‘pay what you want plan’, “This was a solution to a series of issues,” Mr. Hufford added. “I doubt it would work the same way ever again.”

Mover Over iTunes: Amazon has long dominated online CD sales and analysts believe that Amazon MP3 is off to a fast start. “I won’t be surprised at all if Amazon has 20% market share (of the download business) by the end of 2008,” says Paul Verna, a music analyst with eMarketer. Some believe the advantages of Amazon including selling popular tracks for 89¢, rather than 99¢ in the basic MP3 format will cut into iTunes market share.

Pete Wentz of Fallout Boy is Seeking Talent: Wentz writes on his blog that he is looking to sign a new band:

hey you… yeah you. i realize that you know about great bands that i have never heard of waaaay before i hear them. we want to sign a new band and we need your help. if you know of someone great post about em (save the posts about oasis and motion city soundtrack- theyre great but already signed. know what i mean?).

Yeah, Pete, we know what you mean. NIN is out of a deal, go call Trent.

Blog Nominations: Nominees have been listed for Hypebot’s First Annual Music Blog Awards. Go support you’re favorite Blog.

Lasly, Fueled By Ramen has signed Los Angeles indie act Phantom Planet. Check out the track California – it has a Counting Crows vibe.