Infinite Reality acquires revived music service Napster for $207M

Infinite Reality, a tech company focused on immersive digital media and ecommerce, has agreed to acquire music brand Napster for $207 million. The two companies have a definitive agreement. Napster, a fully-licensed independent music service, delivers over 110 million high fidelity tracks from the top artists in the world to its loyal global subscriber base. Over the past two decades Napster has paid over $1 billion to artists and songwriters worldwide, establishing itself as a cornerstone of the music streaming industry and the longest operating digital music service, the companies said. Infinite Reality said it plans to transform Napster beyond streaming into a social and interactive music platform, leveraging its immersive technology and audience network of digitally native fans. This includes the millions engaged with iR’s entertainment assets, such as the Drone Racing League (DRL) and top esports organizations competing in titles like Call of Duty and League of Legends. Infinit ... Read full article.