Founded in 1999 by Shawn Fanning and Sean Parker, Napster became the first major peer-to-peer file-sharing service|Dj Tronick |CC BY-SA 2.0
Napster, once infamous for its free music piracy, sold for $207 million to 3D technology startup Infinite Reality. The company aims to transform the brand into an interactive music platform.
Competing with Spotify, Apple, YouTube and Amazon, Napster will now focus on fan engagement through virtual concerts, social listening parties, AI-driven personalization and 3D experiences. The platform will also sell digital content, merchandise and event tickets.
Napster offers a $11 per month subscription.
Napster CEO Jon Vlassopulos will continue leading the company and take on a larger role at Infinite Reality. He previously worked at Roblox and BMG and invested in the original Napster while at Bertelsmann.
Founded in 1999 by Shawn Fanning and Sean Parker, Napster became the first major peer-to-peer file-sharing service. However, lawsuits from the record industry and Metallica led to its bankruptcy in the early 2000s due to copyright infringement.
Today, it operates as a fully licensed music platform with 110 million tracks across 34 countries. Its assets were sold multiple times, and in 2016, Napster became a licensed streaming service.
Infinite Reality, valued at $12.25 billion, recently acquired the Drone Racing League for $250 million. The company aims to shift digital entertainment from a flat 2D experience to an immersive 3D ecosystem.