Christopher BarrettUK-based virtual reality music company MelodyVR said it is acquiring Rhapsody International, which does business as Napster, for $70 million (£52.3m).
It said the deal, which is expected to close in Q4, would result in the creation of the World’s first music platform offering both immersive live performances and music streaming.
While MelodyVR has delivered virtual concerts for acts including Khalid (pictured), Cypress Hill, KISS, Lewis Capaldi and Post Malone. US-based Spotify rival Napster has more than three million users, and reported 10.8 billion streams and revenues of $113m last year.
MelodyVR CEO Anthony Matchett said, “For music fans today, live and recorded music are intrinsically linked. We are as keen to see our favourite artists perform live as we are to listen to their albums. Our purchase of Napster, one of the music industry’s original disruptors, is born out of our wish to deliver the world’s foremost music experience, available seamlessly across audio and visual media and in turn presenting a truly next generation music service.”