Napster, one of the first audio streaming services, was not living its best moment but, when a door closes, another opens and this might be the case. Rhapsody International (including Napster) has been sold for $70M to MelodyVR, a company that does live music events in virtual reality.
The transaction seems to be positive for Napster as the service music catalog (that has 90 million licensed tracks) will be added to the large VR live events MelodyVR already offers. The user will be able to have access not only to music but also to music related live events in just one platform.
The other side of the coin is that with the purchase of Napster, MelodyVR also agrees to pay the debt Napster has with labels, music publishers and other partners, this is a big bet having in mind that the VR company declared 19M pounds loss in 2019.
The future of music streaming might be already here!