Napster, the peer-to-peer file sharing application popular in the early 00s for pirating music and other audio, has been sold for $207 million, 23 years after it was originally shut down.
Technology firm Infinite Reality made the purchase of the brand name, and intends to repurpose it as a streaming and virtual concert platform, Los Angeles Times reports. It hopes that artists can use the revitalised service to better connect with fans and monetise their work.
“The internet has evolved from desktop to mobile, from mobile to social, and now we’re entering the immersive era,” said Napster CEO Jon Vlassopulos. “Yet, music streaming has remained largely the same. It’s time to reimagine what’s possible.”
As part of the rejuvenated Napster, Infinite Reality said it would create virtual 3D spaces that will enable fans to attend concerts, while it will also give musicians and labels the ability to sell digital and physical merchandise. Artists will also receive a wider range of analytics for their work on the platform in order to better understand the behaviour of the platform’s users and their own fans.
Napster was originally launched in 1999 by Shawn Fanning and Sean Parker, and was widely used for the illegal sharing of music files in the early years of the 21st century. The company filed for bankruptcy in 2002, and was ultimately closed down that same year after a number of record labels and Metallica issued lawsuits over copyright violations.
The firm was later acquired by global marketing agency Rhapsody in 2011, who oversaw its relaunch as a music streaming service.
