One tech company decided to turn back the clock to 2001 and shell out $207 MILLION for Napster.
That's right, the once-popular music downloading app that became synonymous with piracy has found a new home, and its new owners — something called Infinite Reality — paid a pretty penny to get it.
As reported by ABC News:
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.
'The internet has evolved from desktop to mobile, from mobile to social, and now we are entering the immersive era. Yet, music streaming has remained largely the same. It's time to reimagine what's possible,' said Napster CEO Jon Vlassopulos in a blog post.
Gone are the days of high schoolers using the platform to steal music, as its owners envision new piracy-free applications for the property.
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. Artists will also receive a wider range of metrics and analytics to better understand the behavior of platform users.
'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.
Well, there may be "better" uses, but at least these new ones won't get you sued or sent to prison.
Hat's off to you, Infinite Reality, for seeing potential in Napster.
Maybe you can buy MySpace next.
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