NAPSTER SOLD TO MELODYVR IN $70M DEAL, INCLUDING $44M OWED TO RECORD LABELS AND OTHER PARTNERS
An interesting development in the convergence of concerts-at-home technology and recorded music streaming: UK-based virtual reality music company MelodyVR has acquired US-based Spotify rival Napster in a deal worth $70m. Breaking down that $70m price tag is important. According to an SEC filing from Napster’s previous majority-owner, RealNetworks, it comprises $15m in cash, $11m in Melody VR…