Napster to become a music-marketing metaverse firm after $207M acquisition
Infinite Reality, a media, ecommerce, and marketing company focused on 3D and AI-powered experiences, has entered an agreement to acquired Napster. That means that the brand originally launched in 1999 as a peer-to-peer (P2P) music file-sharing service is set to be reborn again. This time, new owners are reshaping the brand into one focused on marketing musicians in the metaverse.
Infinite announced today a definitive agreement to buy Napster for $207 million. The Norwalk, Connecticut-based company plans to turn Napster into a “social music platform that prioritizes active fan engagement over passive listening, allowing artists to connect with, own, and monetize the relationship with their fans." Jon Vlassopulos, who became Napster CEO in 2022, will continue with his role at the brand.
Since 2016, Napster has been operating as a (legal) streaming service. It claims to have over 110 million high-fidelity tracks, with some supporting lossless audio. Napster subscribers can also listen offline and watch music videos. The service currently starts at $11 per month.