Forget loafing about on the sofa munching turkey leftovers: MelodyVR spent the days between Christmas and New Year completing its acquisition of Napster. After issuing additional shares in MelodyVR to Napster’s owners, the conditions for the deal were met, and it duly went through.
Napster isn’t a top-tier streaming service in user numbers, but it has five million total users and more than 1.1 million paying subscribers, including those on other companies’ streaming services that it powers on a B2B basis.
MelodyVR sees that as a good base for a “next-generation music platform” combining recorded music and live performances. “We aim to grow the combined userbase far beyond the $100m of revenue that is currently being generated,” said CEO Anthony Matchett. Just before Christmas, meanwhile, MelodyVR expanded into Asia via a partnership with telco Singtel, which has made the company its “exclusive 5G music partner” in Singapore.