Infinite Reality Purchases Napster for $200M to Develop a Social Music Platform and Virtual Concerts

Napster. That’s a blast from the past, isn’t it? It’s a name many of us haven’t heard in years, maybe even decades. Now, it’s making waves again as Infinite Reality, an immersive web company, has acquired the iconic brand for a hefty $207 million.

Fresh from securing a $3 billion investment earlier this year, Infinite Reality has big plans. They’re set to transform Napster from a basic music streaming service into a dynamic “social music platform.” This reimagined service will boast branded 3D virtual spaces, perfect for virtual concerts and interactive listening parties.

But that’s not all. Infinite Reality plans to dive into the world of physical and virtual merchandise, along with exclusive digital content and event tickets through Napster. The company’s CEO and co-founder, John Acunto, beamed about the acquisition, saying, “By bringing Napster under our wing, we’re setting the stage for a brighter future for artists, fans, and the music business overall.” He explained how this move ties into Infinite Reality’s mission to evolve from the traditional 2D internet experience to a 3D conversational realm, offering creators cutting-edge tools to better engage and monetize their audiences.

Leading this charge at Napster is CEO Jon Vlassopulos, who previously held a position at Roblox. He’s excited about creating a futuristic platform where fans and artists can connect in immersive 3D environments, turning music enjoyment into a social experience.

Since its founding in 2019, Infinite Reality has been making strides with its flagship product, iR Studio. This engine is designed for crafting immersive websites, complete with social virtual environments and customizable avatars. While the iR Engine concept supports WebXR, the iR Studio tool doesn’t yet have this feature enabled. There’s a chance we might see Napster supporting WebXR in the future. If this happens, any VR headset capable of running a WebXR browser could potentially dive into Napster’s virtual world.

This isn’t Napster’s first rodeo when it comes to changing ownership. The brand has been passed around ever since filing for bankruptcy in 2002 after a controversial tussle with Metallica over its P2P music-sharing platform. Over the years, several companies tried to capitalize on its popularity, eventually morphing the former file-sharing site into a subscription-based music streaming service.

Interestingly, Infinite Reality isn’t the first XR-hopeful to snatch up Napster either. Back in August 2020, MelodyVR, a London-based virtual concert company, took over Napster for $70 million, aiming to bring immersive video concerts to VR users. Before Infinite Reality’s acquisition, Napster’s most recent custodian was Algorand, a blockchain company with aspirations to decentralize the music industry.

In essence, Napster’s journey continues, now looking toward a future filled with virtual landscapes and social musical gatherings, thanks to the vision of Infinite Reality. Exciting times are ahead for both music lovers and tech enthusiasts!