The once-infamous brand associated with music piracy has transitioned into a subscription-based music service and has now been acquired by Infinite Reality for $207 million. The tech startup aims to transform Napster into a social music platform enabling artists to connect with fans and enhance monetization opportunities.
According to Napster’s CEO, Jon Vlassopulos, “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.”
Infinite Reality plans to introduce virtual 3D spaces where fans can attend concerts and where musicians or labels can sell both digital and physical merchandise. Artists will also gain access to a broader range of metrics and analytics to better understand user behavior on the platform.
Amish Shah, Chief Business Officer of Infinite Reality, stated, “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.”
— news from The Guardian