Snocap Drops 60% Of Staff And On The Market: Looking Good For The Deadpool

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DRM-free music for 29 cents per track, 12 hours only

snocap.jpgB2B digital music distributor company Snocap, the spawn of Napster founder Shawn Fanning, looks like its warming up for a Deadpool entry with confirmation by CNet that the company has let go of 60% of its staff and is on the market.

Snocap has apparently “received interest from several companies” as is pursing these for an asset sale.

Snocap was founded in 2002 and has amongst its investors Ron Conway, Morgenthaler Ventures and WaldenVC. The company allows rights owners to place music onto p2p networks and retail sites with DRM, aiming to leverage P2P networks for distribution whilst still charging for music.

Snocap’s last big deal was to provide music sales for MySpace in September 2006 and we wrote about Shawn Fanning’s plans in December 2006 to start a World of Warcraft focused social network called Rapture. According to Snocap’s website the MySpace deal is still in place, which presuming it is transferable to a new owner would provide some value in the Snocap fire sale.

Snocap is now on TechCrunch Deadpool watch.

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