Napster is buying Mint Songs, a startup that had raised $4.3m of funding to build its music NFTs marketplace.
Tag: Napster
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Napster reveals funding, web3 investment arm and its new CEO
Music streaming service Napster had its latest change of ownership in May, when it was acquired by web3 companies Hivemind and Algorand. Now it’s got a new CEO too.
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Napster publishes ‘litepaper’ on its plans for a web3 relaunch
The paper outlines its plans to “launch as a decentralised music-first ecosystem to the benefit of fans, music makers and rights holders”.
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Napster gets bought again, this time with a web3 pivot in the works
Napster has been acquired again, this time by two companies from the web3 sector: Hivemind and Algorand.
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Napster to delist from UK’s AIM exchange and plan US listing
The company has announced plans to delist from AIM, with the aim of raising more funding and eventually listing publicly again in the US.
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Napster reports $44.2m revenues for the first half of 2021
Merger completed with MelodyVR, Napster today offered the first half-year figures for the combined company.
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MelodyVR ended 2020 with 325k users… and a £26m operating loss
Since completing its merger with Napster, music startup MelodyVR has adopted that company’s brand. However, this morning it published financial results for its last full year before the deal, to 28 December 2020.
Bright spots included nearly doubling its users to 325,000, and selling around 40,000 tickets for a streamed Liam Gallagher concert. Less bright spots include, well, the financial results.
MelodyVR’s revenues did grow sharply, from £195k in 2019 to £988k in 2020 (around $1.4m). However, its cost of sales also grew from £1.8m to £5.6m, while administrative expenses grew from £14.2m to £21.5m.
In other words, those costs and expenses combined were more than 27 times the company’s revenues, leading to an operating loss of £26m. However, the newly-merged business remains optimistic.
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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 […]
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Napster ended 2020 with 1.2m monthly active users
Having completed its acquisition of streaming firm Napster, MelodyVR has published some new stats about its business. Napster ended 2020 with 5.7 million “total platform users” – a metric that includes […]
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MelodyVR completes Napster acquisition and launches in Asia
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 […]
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MelodyVR reveals next steps in its merger with Napster
Music VR service MelodyVR’s plans to merge with streaming service Napster continue: they have been detailed in a public filing this morning in the UK. They include a new shares issue: 201.3m […]
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Sonos goes HD with subscription-based radio service
Sonos is kicking its streaming ambitions up a notch, with the launch of a subscription-based radio service called Sonos Radio HD.
Available in the US and UK, it costs $7.99 / £7.99 a month, and promises ‘high-fidelity audio’ of the Sonos Sound System radio station. There will also be exclusive artist-curated stations (Dolly Parton being the first) and a range of genre and activity-based stations that won’t be available on the existing, ad-supported Sonos Radio service that launched in April this year.
This is an extension of Sonos’s partnership with Napster – Sonos Radio HD is a ‘Powered by Napster’ service – but there’s another partner involved that’s interesting. Startup Super Hi-Fi’s technology is being used across the free and paid tiers of Sonos Radio, and heralds the company’s rebranding of its AI-powered tech as a package called ‘Conductor’.