On-demand music service Rhapsody will acquire competitor Napster in an effort to expand its user base, the companies have announced. Under the terms of the agreement, Rhapsody will acquire all Napster subscribers and certain other assets. Meanwhile, Best Buy, Napster’s current owner, will receive a minority stake in Rhapsody.
The “other assets” that will move over to Rhapsody include Napster’s IP portfolio. However, no mention of Napster’s label contracts or deals were made in today’s announcement. Currently, Napster has a streaming music catalog of over 15 million songs, as well as apps for the desktop, mobile and TVs. The software also provides access to streaming music radio stations, thousands of playlists, offline music, charts and more.[Techcrunch]
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