It was acquired by Infinite Reality.
Napster, the streaming pioneer platform, has been purchased for US$ 207 million by Infinite Reality, a company specializing in immersive technology. According to the Los Angeles Times, the firm intends to reinvent Napster as both a streaming service and a virtual venue for concerts.
“The internet has progressed from desktop to mobile, from mobile to social, and now we’re stepping into the immersive age,” said Napster CEO Jon Vlassopulos. “Despite these changes, music streaming has largely remained the same. It’s time to explore new possibilities.”
Napster was originally launched in 1999 by Shawn Fanning and Sean Parker, becoming the first major peer-to-peer file-sharing service. However, after facing lawsuits from the record industry and the band Metallica over copyright violations, the company filed for bankruptcy in 2002 and shut down. The brand resurfaced in 2011 when Rhapsody acquired it and relaunched it as a streaming platform.
