Napster was sold to a tech start-up Infinite Reality for $207 million, the digital media company announced Tuesday, as it looks to provide creators an opportunity to better engage with their audiences and monetize their work.
Napster CEO Jon Vlassopulos, who will continue in his current role and also take “on a broader role” for Infinite Reality, said the 3D technology company will help “transform” Napster, allowing fans to attend concerts virtually and better connect with artists.
“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.
“With Infinite Reality’s expertise in immersive 3D technology, we will transform Napster into a next-generation platform where fans don’t just listen on their own—they experience music in entirely new ways,” Vlassopulos stated.
Napster, created in 1999 by Sean Parker and Shawn Fanning, was one of the first services that allowed listeners to swap songs. It was shut down in 2001 and the company filed for bankruptcy in June the following year.
“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,” Co-Founder and CEO of Infinite Reality John Acunto said Tuesday. “We’re creating the ultimate music platform where artists can thrive in the next wave of digital disruption.”
