Napster now has 5m+ users and monthly revenues of $8m


Newly merged with Napster, MelodyVR (well, it’s called Napster now) has published an update on its operational performance.

“The acquisition of the Napster streaming service in December 2020 has enabled the Group to accelerate its subscription-based revenue model which now boasts more than 5 million users (including subscribers from PaaS services) worldwide,” it revealed in a filing to the London Stock Exchange. Paas being ‘platform as a service’ if you’re wondering.

“Proforma revenues from the Napster streaming service and Melody VR service combined totalled $96 million in 2020 and during January 2021 generated monthly revenues of c. $8m.”

The filing noted that the merged companies are working on a new music service, to launch later this year, blending audio, livestreams, documentaries and other video content, as well as ticketed live events.

In other news, Napster has secured an expanded £8m (around $11m) funding commitment from investor Nice & Green, taking its 2021 funding to around $40m. The company has also hired former Warner Music exec Emmy Lovell as its chief strategy officer.

Written by: Stuart Dredge