Rhapsody To Buy Napster
October 4, 2011 by staff
Rhapsody To Buy Napster, Electronics retailer Best Buy is the tuning of Napster, a digital music service has struggled to evolve from its origins as a free renegade file-sharing network that angered the music industry.
Subscribers to Napster and other assets will be sold to another digital music service, Rhapsody, as part of a deal announced Monday.
Best Buy will receive an undisclosed stake in Rhapsody after the exchange is completed. The exchange is expected to be completed by the end of November.
The deal ends efforts to Napster Best Buy boyfriend in a brand that has great appeal for buyers in the purchase of mobile phones and computers in its nearly 1,400 stores. Best Buy, based in Richfield, Minnesota, bought Napster for 122 million in cash in October 2008.
Since then, other music services, such as radio station Pandora Media Inc. and Spotify, have become the most popular channels.
After starting as a project of a student dormitory in the early 1990, Napster became a known outlet for people looking to get music for free. Artists and studios launched a legal crusade that eventually crippled Napster. Gadget maker Roxio Inc. bought the Napster name and other intellectual property in a bankruptcy auction in 2002. Roxio revived Napster as a subscription service, and eventually changed its name to Napster as its corporate identity.
Rhapsody, which is headquartered in Seattle, has gone through ups and downs, too, since it began in 1999 as Listen.com. The service is separated as a separate entity last year by its former owners, RealNetworks and Viacom’s MTV Networks. Rhapsody and monthly subscriptions start at 10 a month for access to a library of more than 12 million songs.
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