MelodyVR rebrands as Napster and raises $8.9m

 

By Emmanuel Legrand

MelodyVR has rebranded as Napster Group Plc, as the company became listed on the London Stock Exchange’s AIM listing on February 12. MelodyVR, which produces immersive music experiences, acquired music streaming service Napster for $70 million in 2020 and the integration of the two businesses will lead to a new music platform to be launched during the year.

  “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,” said CEO Anthony Matchett. 

  Napster has successfully raised more funds, through Swiss firm Nice & Green, which has subscribed for unsecured Loan Notes totaling £6.48m ($8.9m) to be issued over a 12 month period commencing February 2021, according to a filing with the LSE.

An ambitious and disruptive project

  "Following its recent acquisition of Napster, MelodyVR will pioneer the next-generation of music service and offer the first ever music entertainment platform combining immersive visual content and music streaming. Nice & Green is proud to finance and invest in such an ambitious, disruptive and ground-breaking project supported by a fantastic team," said Benoit Villers, managing partner of Nice & Green.

  According to The Guardian, Seattle-based Napster makes about $130m in yearly from its 6 million subscribers' base, while London-based MelodyVR's turnover is of about £1m a year.