Algorand and Hivemind Capital have partnered to acquire the music streaming platform, Napster to revolutionize the music industry by bringing Web3 and blockchain to artists and fans.
Hivemind announced the partnership and acquisition of Napster via Twitter on Tuesday. The Company is a cryptocurrency-focused investment firm dedicated to crypto companies, blockchain technologies, and the digital asset ecosystem.
Speaking on purchase, Matt Zhang, founder of Hivemind on LinkedIn, said, “Dear friends, we are excited to share that we’ve taken Napster Group private, and to bring the iconic music brand to web3.”
The acquisition of the music streaming platform stems from Algorand and Hivemind’s desire to unlock value for the entire ecosystem and revolutionize the way artists and fans enjoy music.
Following the purchase, Emmy Lovell was appointed interim CEO. According to her LinkedIn profile, Emmy Lovell is a music veteran and has previously served as Napster’s chief strategy officer. Emmy has had previous gigs with the Music Group, EMI Music, and Warner.
However, both companies did not disclose the purchase price of Napster but tweeted about collaborating with several other companies to build and develop the project together. Partners include ATC Management, Borderless Capital, SkyBridge, BHDigital, RSE Ventures, Arrington Capital, and others.
Napster is a provider of audio streaming services. It was launcded on June 1, 1999, and it rose to prominence in the early 2000s for revolutionizing the music industry by bringing music download features to the world.
Over the years, it has undergone several changes from its original form to become a music streaming service.
However, this isn’t the first time Napster has been sold. In August 2022, it was sold to a UK-based virtual reality music company, MelodyVR, for $70 million with the aim of offering unique music services that provide both music streaming and immersive live performances for the first time.