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Napster sold to tech commerce company for $207 million
Napster, a brand that was notoriously connected to music piracy before reemerging as a subscription music service, has been sold to Infinite Reality for $207 million.
The tech startup announced Tuesday it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work. Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise. “We can think of no better use case for our technology than putting it in the hands of music artists who are constantly pushing the boundaries of what’s possible,” said Infinite Reality Chief Business Officer Amish Shah.
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