Tech firm Infinite Reality — which specializes in AI-powered 3D immersive experiences — has agreed to pay $207 million for Napster, the 26-year-old music streaming service. The sellers are crypto investment firm Hivemind Capital Partners and blockchain firm Algorand, that acquired the platform in 2022. Infinite Reality is privately held, listing among its investors Liberty Media, Live Nation, MGM, T-Mobile and Barry Diller’s IAC. The company plans to steer Napster to superfan experiences, making it “more immersive, more social, and more shoppable.” Napster CEO Jon Vlassopulos, former global music chief at Roblox, will continue in his current post. Continue reading Infinite Reality Agrees to Acquire Napster in $207 Million Deal

Spotify and Warner Music Group have entered into a new multi-year agreement covering recorded music and publishing that will see the companies “work together to shape the future of audio-visual streaming and enhance the value of music.” The news followed Spotify’s Q4 earnings report that included the company’s first annual profit, with net income of $1.18 billion. Paid subscriptions were up 11 percent for the quarter, closing the year with 263 million premium users and record engagement growth overall, with 35 million new monthly active users for the quarter. Moving forward, the company is looking to new subscription tiers and content bundles. Continue reading Spotify Signs New WMG Deal and Teases Additional Paid Tiers