Napster has been acquired by tech startup Infinite Reality for over $200 million, according to The Guardian. The company plans to reinvent Napster as a social music platform where artists can engage with fans and generate more revenue. Infinite Reality aims to build immersive virtual 3D concert spaces and enable digital and physical merchandise sales. Artists will gain access to enhanced metrics and user behavior analytics. Napster CEO Jon Vlassopulos said music streaming must evolve with the internet’s immersive shift. Initially launched in 1999, Napster was shut down after legal battles over copyright infringement but relaunched as a subscription service in 2011.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Napster has been acquired by tech startup Infinite Reality for over $200 million dollars,
00:06then according to The Guardian, the company plans to reinvent Napster as a social music
00:11platform where artists can engage with fans and generate more revenue. Infinite Reality
00:15aims to build immersive virtual 3D concert spaces and enable digital and physical merchandise sales.
00:21Artists will gain access to enhanced metrics and user behavior analytics.
00:26Napster CEO John Velasco-Pulas said that music streaming needs to evolve with the internet's
00:31immersive shift. Originally launched in 1999, Napster was shut down after legal battles over
00:37copyright infringement, but relaunched as a subscription service in 2011.