Napster was recovered for $ 207 million to build Music Metaverse

Napster, the brand that once sent to the music industry to panic manner but then vanished, has just acquired for $ 207 million.

Infinite reality is buying the transmission service to transform it into a platform where fans can hang out in virtual spaces, attend concerts and buy merchandise directly from artists, announced the virtual reality startup.

The agreement is also the highest price so far for Napster, which has circulated in half a dozen companies, including Algorand, from its controversial days of file exchange. Infinite reality is betting that music fans want more than just listen to liabilities.

“By acquiring Napster, we are raising a path to a brighter future for artists, fans and the music industry in general,” said John Accent, co -founder and CEO of Infinite reality, in an official statement. “We are creating the best music platform where artists can prosper in the next digital interruption wave.”

The current CEO of Napster, Jon Vlassopulos, is maintained and expands its role. Before joining Napster in 2022, he directed music in Roblox, where he pioneered virtual concerts that reached millions of fans.

“Napster revolutionized digital music in the 1990s, and now, with infinite reality, we are ready to do it again,” said Vlassopulos. “Internet has evolved from desktop to mobile devices, from mobile to social devices, and now we are entering the immersive era. However, the transmission of music has greatly maintained the same. It is time to reinvent what is possible.”

Napster’s trip from the bedroom disruptor to corporate assets covers for two decades. Founded by Shawn Fanning and Sean Parker in 1999, the original service allows users to freely share MP3 before legal battles with record stamps and artists such as Metallica closed it in 2001.

Since then, the brand has bounced among the owners: Roxio in 2003, Best Buy in 2008, then Rhapsody in 2011. The VR Melodyvr company bought it for $ 70 million in 2020, followed by the firm Blockchain Algorand in 2022.

This change to web3 revived the company, which began working in its own token of $ Napster and made some acquisitions to promote a decentralized musical service. “The hope is that we can take this innovation to the mainstream and make consumers, regular fans only,” said Napster CEO, Jon Vlassopulos Decipher In a 2023 interview. “So you are almost going back to that [point] Where you had collectible downloads that were scarce, and it was simply not in the chain. “

Today’s Napster is a license transmission service with 110 million tracks available in 34 countries. The company states that it has paid artists and composers of more than $ 1 billion.

Infinite reality plans to build 3D virtual spaces where fans can experience concerts, join listening parties and interact with artists. The platform will also sell physical and digital goods, offer exclusive content and distribute tickets for events directly.

“Imagine entering a virtual place to see an exclusive program with friends, Charle with their favorite artist in their own virtual meeting place while dropping their new single,” Vlassopulos explained in the company’s statement.

Infinite reality will connect Napster with its other entertainment properties, including Drone Racing League teams and electronic sports sports that compete in games like Call of Duty. This cross promotion could help artists reach the youngest and games centered.

“We cannot think of a better case of use for our technology than to put it in the hands of musical artists who constantly exceed the limits of what is possible,” said Amish Shah, commercial director of Infinite Reality.

It remains to be seen if this last reinvention finally gives Napster a sustainable future. The previous attempts to revitalize the service have yielded mixed results, and the musical experiences of Metaverse style have not been exactly conventional.

The acquisition is expected to close in the coming weeks, with new characteristics implemented in the future as the infinite reality “evolves even more.”

Edited by James Rubin