On Tuesday, March 25, Infinite Reality announced in a press release that it was acquiring Napster, a pioneer in music streaming, for $207 million (around €191 million). The 3D technology specialist aims to offer a completely new experience, very different from what is currently on the market.
« By acquiring Napster, we are paving the way for a better future for artists, fans, and the music industry more broadly,” said John Acunto, co-founder and CEO of Infinite Reality, in a statement.
“Fans won’t just listen to music, they’ll experience it.”
Infinite Reality aims to take a step further toward immersive technologies by creating a virtual space where users can listen to music together, participate in a concert or a party. This platform would also allow artists and labels to sell CDs and related products, both physical and virtual.
“ You can imagine walking into a virtual venue to watch an exclusive concert with your friends, chatting with your favorite artist in their private virtual room, and when they release their latest single, you could purchase it physically or digitally with associated merchandising. With Infinite Reality's expertise in 3D technologies, we will transform Napster into the next generation of platform, where fans won't just listen to music, they'll experience it in entirely new ways," Jon Vlassopulos, CEO of Napster, detailed in the press release.
Over 25 years of experience in Revolutionizing the Music Industry
Napster witnessed a whole evolution of the web. In 1999, it paved the way for peer-to-peer downloading. The site quickly found itself in a legal battle for copyright violations, which led to the site's closure two years after its creation. But, like the phoenix, Napster rose from the ashes.
The music streaming pioneer was later acquired by the Best Buy group, which used its image and logo for its online music store. In 2011, it was Rhapsody's turn to buy it and five years later began the transition to a paid music streaming service. Then, it passed into the hands of Algorand, a blockchain company.
With the ambitions of Infinite Reality, it is again a whole transformation of uses in which it should be a player. "Napster has been revolutionizing digital music since the 90s, and now, with Infinite Reality, we are ready to do it again," maintains Jon Vlassopulos.
0 Comments