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| Rhapsody announces Napster acquisition |
| Tuesday, 04 October 2011 00:00 |
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Online streaming music service Rhapsody has announced this week the purchase of Napster from electronics retailer Best Buy.
The financial details of the deal were not disclosed, but Rhapsody did reveal that it has purchased the entire subscriber list of Napster, with Best Buy holding on to a minority stake in the streaming media provider. "There's substantial value in bringing Napster's subscribers and robust IP portfolio to Rhapsody as we execute on our strategy to expand our business," commented Rhapsody president Jon Irwin. He added that Rhapsody's focus now lies on sustainably growing the company, with Napster seen as a key acquisition in order to strengthen its position in the US marketplace. Meanwhile, rival streaming audio provider We7 also recently announced it is heading in a new direction in a bid to differentiate itself from its competitors. The company is set to offer personalised radio to users, with listeners able to set up individual playlists via the streaming media site that will be interspersed with radio-style adverts in order to keep the service free to use. Posted by Geoff Phillips  |