A model that was notoriously linked to music piracy earlier than reemerging as a subscription music service has been offered to Infinite Actuality for $207 million.
The tech startup introduced Tuesday it had purchased Napster in hopes of remodeling the streaming service right into a social music platform the place artists can join with followers and higher monetize off their work.
“The web has developed from desktop to cell, from cell to social, and now we’re getting into the immersive period. But, music streaming has remained largely the identical. It’s time to reimagine what’s potential,” stated Napster CEO Jon Vlassopulos in a weblog put up.
Amongst its plans to replace Napster, Infinite Actuality stated it is going to create digital 3D areas that may permit followers to attend concert events, and provides musicians or labels the flexibility to promote digital and bodily merchandise. Artists will even obtain a wider vary of metrics and analytics to raised perceive the habits of platform customers.
“We will consider no higher use case for our know-how than placing it within the arms of music artists who’re always pushing the boundaries of what’s potential,” stated Infinite Actuality Chief Enterprise Officer Amish Shah.
Napster was launched in 1999 by Shawn Fanning and Sean Parker and rapidly turned the primary important peer-to-peer file-sharing software. It shuttered in early 2000s after the document business and standard rock band Metallica sued over copyright violations. Rhapsody later purchased the model in 2011 and relaunched it as a music streaming service.
This story was initially featured on Fortune.com
