Napster Sold to Tech Startup Infinite Reality for $207 Million
Napster, the pioneering digital music platform, has been acquired by tech startup Infinite Reality for $207 million. The digital media company announced the deal on Tuesday, highlighting its plans to revolutionize how creators engage with their audiences and monetize their work.
Napster CEO Jon Vlassopulos will continue in his current role and take on a broader position at Infinite Reality. He emphasized that the 3D technology company’s expertise will transform Napster into a next-generation platform where fans can experience music in entirely new ways. “Imagine stepping into a virtual venue to watch an exclusive show with friends, chat with your favorite artist in their own virtual hangout as they drop their new single, and be able to directly buy their exclusive digital and physical merch,” Vlassopulos said.
The acquisition brings together Napster’s legacy as one of the first music sharing services, created in 1999 by Sean Parker and Shawn Fanning, with Infinite Reality’s cutting-edge 3D technology. Napster was initially shut down in 2001 and filed for bankruptcy the following year. However, under Infinite Reality’s ownership, it is poised for a significant revamp.
John Acunto, Co-Founder and CEO of Infinite Reality, expressed his vision for the future of the artist-fan relationship. “I firmly believe that the artist-fan relationship is evolving, with fans craving hyper-personalized, intimate access to their favorite artists, while artists are searching for innovative ways to deepen connections with fans, and access new streams of revenue,” Acunto stated. “We’re creating the ultimate music platform where artists can thrive in the next wave of digital disruption.”
The deal marks a new chapter for Napster, leveraging Infinite Reality’s immersive 3D technology to create a more engaging and interactive experience for music fans. As the digital music landscape continues to evolve, this acquisition is set to play a significant role in shaping the future of music consumption and artist-fan interaction.
