imeem have been doing this for the last few years, and they don't use audible magic, they used the Snocap fingerprint system which apparently was good enough for them to buy Snocap. Their business model has always been built around using the content identification system to make sure the right people get paid for audio played on the site.
imeem is primarily used by people uploading and sharing audio, so using an audio fingerprinting system seems more appropriate than youtube relying on an audio fingerprinter for video content.
"Life is a garment we continuously alter, but which never seems to fit." -- David McCord