MelodyVR rebrands as Napster as the two companies merge
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The music streaming and virtual reality platforms will properly merge under the name Napster, London Stock Exchange confirms.
Virtual reality music platform MelodyVR bought music streaming service Napster last year, and the two have operated separately since then. A rebrand means that the two companies will now both be under the name Napster Group PLC.
Upon purchase last year MelodyVR referred to Napster as the ‘original music industry disruptor’. The newly merged company demonstrates confidence in the infamous name of Napster, still associated with its peer-to-peer-sharing pirate origins. Seattle-based Napster is a much bigger company than London-based MelodyVR – the streaming service makes $130m in revenues annually whereas the virtual reality platform makes $1m a year.
Anthony Matchett, Group CEO said:
Having recently completed the acquisition of Napster/Rhapsody, we have taken the decision to rename our parent company to Napster Group PLC. Given our objectives for the year ahead, which includes the launch of a new Napster branded music platform, we believe that renaming our Company will provide for greater global recognition of our business across both corporate and commercial channels.
Anthony Matchett, CEO and founder of MelodyVR
Napster is due to be listed on the London Stock Exchange’s AIM listing on February 12th. The new company’s debut on the London stock market will be the first time in its 22-year history that the music streaming service has had its own public listing.
Last year, speaking about potential plans for 2021 after the $70m purchase of Napster, CEO Matchett said MelodyVR hoped to ‘build a cross-platform, hybrid music service, delivering audio recordings and video content as well as renowned live-events, all via a single platform.’
Napster’s user base rose from 3 million in December 2019 to 5.7 million at the end of 2020, which echoes growth seen across streaming services during the pandemic.