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NEW
YORK (AP) — A brand that was notoriously connected to music
piracy before reemerging as a subscription music service has
been sold to Infinite Reality for $207 million.
The tech startup announced Tuesday it had bought Napster in
hopes of transforming the streaming service into a social music
platform where artists can connect with fans and better monetize
off their work.
"The internet has evolved from desktop to mobile, from mobile to
social, and now we are entering the immersive era. Yet, music
streaming has remained largely the same. It’s time to reimagine
what’s possible,” said Napster CEO Jon Vlassopulos in a blog
post.
Among its plans to update Napster, Infinite Reality said it will
create virtual 3D spaces that will allow fans to attend
concerts, and give musicians or labels the ability to sell
digital and physical merchandise. Artists will also receive a
wider range of metrics and analytics to better understand the
behavior of platform users.
"We can think of no better use case for our technology than
putting it in the hands of music artists who are constantly
pushing the boundaries of what’s possible,” said Infinite
Reality Chief Business Officer Amish Shah.
Napster was launched in 1999 by Shawn Fanning and Sean Parker
and quickly became the first significant peer-to-peer
file-sharing application. It shuttered in early 2000s after the
record industry and popular rock band Metallica sued over
copyright violations. Rhapsody later bought the brand in 2011
and relaunched it as a music streaming service.
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