(Hypebot) — Napster has been acquired by Hivemind and Algorand, two significant players in the burgeoning web3 sector. Two years ago, Melody VR paid $70 million for Napster with big plans to bring the streamer to the metaverse.
The new owners plan to use Napster “to once again revolutionize the music industry by bringing blockchain and Web3 to artists and fans.”
“Dear friends, we are excited to share that we’ve taken Napster Group private, and to bring the iconic music brand to web3,” wrote Hivemind founder Matt Zhang.
The investor consortium includes ATC Management, BH Digital, and G20 Ventures. Details of the purchase, which takes Napster private, were not shared.
“Volatile market and uncertain times often bring exciting opportunities,” continued Zhang. “At Hivemind, we believe in developing thesis and building enduring value. Music x Web3 is one of the most exciting spaces we’ve come across,”
Veteran WNG exec Emmy Lovell has been tapped to lead the new Napster and “unlock value for the entire ecosystem and revolutionize how artists and fans enjoy music.”
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.