Napster, the pioneering digital music brand from way back when, is changing hands once more. Today, a UK startup called MelodyVR, which creates immersive live music experiences that you watch either through VR headsets or phones, announced that it has acquired Rhapsody International — the company that owns Napster — for $70 million.
MelodyVR is publicly traded on the London Stock Exchange, and its market cap is currently around £74 million (about $97 million).
MelodyVR said that Rhapsody, which offers music directly to consumers as well as via B2B deals with companies like BMW, has 3 million users across four continents, with some 90 million licensed tracks in its catalogue. In 2019 it clocked 10.8 billion streams with revenues of $113 million on the back of