Music streaming service Napster has been sold to tech commerce company Infinite Reality for $207 million. The startup aims to transform Napster into a social music platform where artists can connect with fans and better monetize their work.
According to CEO Jon Vlassopulos, the internet is evolving rapidly, but music streaming services have remained stagnant. To change this, Infinite Reality plans to create virtual 3D spaces that allow fans to attend concerts and buy merchandise. Artists will also receive more detailed analytics to track user behavior.
Infinite Reality sees its technology as a key tool for artists to push boundaries. The company’s Chief Business Officer Amish Shah emphasized the potential of Napster’s revamped platform. Napster was first launched in 1999 by Shawn Fanning and Sean Parker, but it shut down due to copyright issues before being relaunched as a music streaming service in 2011.
Source: https://apnews.com/article/napster-music-pioneer-service-sold-7c2541f805d8debf0433171696c54518