Napster has been acquired again, this time by two companies from the web3 sector: Hivemind and Algorand. “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 on LinkedIn. From a report: “Volatile market and uncertain times often bring exciting opportunities. 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, and we are thrilled to work with Emmy Lovell and many talents to unlock value for the entire ecosystem and revolutionize how artists and fans enjoy music.”

Lovell has been named interim CEO of Napster, with the former WMG exec stepping up from her previous role as chief strategy officer, having joined the company in April 2021 shortly after its last acquisition by music VR company MelodyVR. The newly-merged company then delisted from the AIM stock exchange in the UK as part of its plan to relaunch a hybrid music streaming / video / VR service later this year, and then go public again in the US. The new owners appear to be pivoting that strategy with a web3 focus. There will be plenty to unpack around these plans. For example, Hivemind and Algorand aren’t the only companies involved: they have an ‘investor consortium’ that includes ATC Management, BH Digital and G20 Ventures.

Read more of this story at Slashdot.

Source: Slashdot – Napster Gets Bought Again, This Time With a Web3 Pivot in the Works