Roughly 25 years after disrupting the music industry, the original file-sharing service Napster has been acquired by metaverse startup Infinite Reality for US$207 million. Infinite Reality plans to transform Napster into a "social music platform" with virtual concerts and artist tools for selling digital and physical goods.
Napster CEO Jon Vlassopulos will stay on to lead the new direction. Infinite Reality, valued at around US$12.5 billion, is expected to integrate Napster's music library with its esports businesses.
Launched in 1999, Napster was shut down due to copyright issues in 2001, but later, reemerged as a streaming service. Infinite Reality's acquisition marks a potential metaverse revival for the once-iconic brand.