Ad-supported music streaming service Imeem has announced that it is cutting 25% of staffers (20 positions) across its entire organization.

The company said that given the current economic climate, cutting costs was necessary in order to secure its future business. "Making these cuts now will help Imeem maintain our growth trajectory and reach the business' full potential," an Imeem spokesperson said in a statement.

Additionally, as reported on paidcontent.org, Imeem has hired investment banker Montgomery and Co. to put itself up for sale. The company declined to comment on the report.

As previously reported, Imeem recently unveiled its own support for the new G1 phone from T-Mobile. The Imeem application for the device allows users to create custom radio stations by search for specific artists, receive personalized music recommendations and browse or stream the most popular artists in the Imeem social network.

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