One of the major brands from the 1900s making a resurgence.
A prominent brand from the 1900s –
Napster
– has been sold once more. Napster was the most famous among peer-to-peer music sharing platforms. Launched by Shawn Fanning and Sean Parker in 1999, it gained recognition as the premier destination for free music online. However, it faced significant legal challenges from recording companies (as well as notably from the band).
Metallica
which ultimately resulted in its downfall.
Recently,
Infinite Reality
An American firm that focuses on developing immersive virtual spaces for e-commerce and gaming recently acquired Napster for $207 million. This marks the third ownership change for this company within merely five years.
A “revolution”- again
What does the new ownership believe they can achieve with this venture? Infinite Reality has created its very own virtual environment design tool and possesses VR and XR production facilities (known as Thunder Studios), alongside a digital advertising company ( Fearless Media) and a division dedicated to managing creative talents ( TalentX). Their vision involves turning Napster into a comprehensive musical experience platform and using it as a proving ground for emerging virtual or augmented reality innovations within the music sector, such as virtual performance venues, interactive artist meet-and-greets in the metaverse, and three-dimensional merchandise stores.
The aim is to develop a novel approach to generating revenue from music.
According to Jon Vlassopoulos, the CEO of Napster, “Napster transformed the landscape of digital music in the nineties, and today, with Infinite Reality, we aim to disrupt the industry once more. The web has transitioned from desktops to mobile devices, then to social platforms, and now we’re stepping into the age of immersion. However, music streaming hasn’t changed much over the years. It’s high time to envision new possibilities.”
(Michael Leahy. Image: Michael Leahy)