Business Matters is a daily column that offers insight, analysis and opinion on the day's news.

-- Composers and lyricists in Hollywood are considering joining the Teamsters, Local 399. According to the Los Angeles Times, about 400 such professionals met on Monday to discuss the possibility of being represented by the Teamsters. Composers and lyricists are two of the few professions in Hollywood not covered by a union contract. (Los Angeles Times)

-- As Billboard reported Wednesday evening, MySpace has signed an agreement to purchase cash-strapped Imeem. Some reports put the acquisition price at a paltry $1 million. Both VentureBeat and MediaMemo cites sources who say $7 million to $9 million could be paid out on earnouts for key employees. That type of acquisition implies that MySpace is interested in Imeem's management but considers the company to be worth almost nothing. Imeem's investors, which include Sequoia Capital and Warner Music Group, will get next to nothing from this sale. WMG wrote off its entire investment in Imeem earlier this year. (VentureBeat and MediaMemo)

-- MySpace Music has added a music charts page. A link to Daily Charts is found at the top of the MySpace Music home page. Users can view charts for top artists, songs, albums and videos. Any of the four charts can be broken down by genre. MySpace Music allows users to browse the charts of 27 countries as well as global charts. Who would have thought Iron & Wine is the sixth most popular MySpace artist in South Korea? In addition, the charts can be further broken down by affiliation with a record label: unsigned, indie and major. The record label field of a MySpace profile is self-reported, which is why some artists with major label affiliations appear at the top of the indie chart -- Drake (Universal Records), Say Anything (RCA Records), and Kid Cudi (Universal Mowtown). (MySpace Music Daily Charts, via CNET)

-- The two big trends for this holiday season: consumers plan to spend less and fewer plan to shop online. According to Nielsen's holiday survey, 42% of respondents said they plan to spend less than last year while only 4% plan to spend more. A smaller percentage of consumers plan to shop online compared to last year - 63% to 71%. (Nielsen Wire)

-- Sony revealed plans to launch an online store - tentatively called Sony Online Service - selling music, movies, and books. The news came out of a management meeting today in Tokyo. No word on when the service will would go live. (BusinessWeek)

-- November 21 is No Music Day. The best information behind No Music Day is found at its Wikipedia page. Said founder Bill Drummond, "I decided I needed a day I could set aside to listen to no music whatsoever, [...] Instead, I would be thinking about what I wanted and what I didn't want from music ." The esoteric nature of No Music Day makes sense when you consider Drummond was a co-founder of The KLF. (

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