Innovative startup MelodyVR acquired NAPSTER for $ 70 million
Acquisition by a company that broadcasts virtual reality concerts will offer a “next generation” service.
Many of you will remember NAPSTER
Napster rocked the music world when it launched in 1999 as a free music download platform, but changed its business model when piracy laws made it illegal.
Napster was the first mass peer-to-peer system and became available in the spring of 1999; but in the first half of 2000 Metallica filed a lawsuit in order to prevent the use of the program, disputing the accusations of copyright infringement and of the “Racketeer Influenced and Corrupt Organizations Act” violations.
Today NAPSTER offers more than 90 million licensed songs and 3 million users in 34 countries.
An innovative British music technology startup has inked a surprise $ 70 million (£ 53 million) deal to buy Napster, one of the pioneers of the music streaming revolution.
MelodyVR, records and streams the concerts that fans watch with leading virtual reality headsets, such as HTC Vive, Oculus Rift, Samsung Gear VR, and PlayStation VR.
These days, he took over Rhapsody International, which operates like Napster and is owned by RealNetworks listed on Nasdaq.
MelodyVR, a 2-year-old AIM listed company, is actively working to create a music platform that combines Napster, which began in the 1990s as an illegal download platform, with its engaging live performances. Napster, which has 3 million users, has a library of 90 million licensed songs.
MelodyVR, which has hosted concerts by artists such as Emeli Sandé, The Chainsmokers and Cypress Hill, enjoyed strong growth during the coronavirus pandemic, with fans turning to online entertainment as the live music industry turned had to stop.
The company has created safe and secure studios in London and Los Angeles to allow artists to perform at concerts, with fans paying to watch via its app. To date, 100 artists have performed virtual reality concerts.
Anthony Matchett, Chief Executive Officer of MelodyVR, said, MelodyVR’s acquisition of Napster will lead to the development of the first ever music entertainment platform that combines immersive visual content and music streaming.
In short, the new revolution will be based on concerts in virtual reality and live streaming!