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London-based virtual reality live music platform MelodyVR has acquired Rhapsody International (the parent company of Napster) for $70 million. According to a press release, MelodyVR hopes the “acquisition will enable the creation of a unique music platform that will offer both immersive live performances and music streaming.”
MelodyVR CEO Anthony Matchett said in a statement, “MelodyVR’s acquisition of Napster will result in the development of the first ever music entertainment platform which combines immersive visual content and music streaming. For music fans today, live and recorded music are intrinsically linked.”
Rhapsody acquired Napster in 2011. The streaming platform relaunched a few years later.
During the pandemic, MelodyVR has hosted concerts from the Chainsmokers, Emili Sandé, and Cypress Hill.
Check out Pitchfork’s feature “Is Secretive Virtual Reality Startup Magic Leap Dreaming Up the Future of Music?”