independent music streaming service, napster, has acquired Mint Songs, a Web3 music startup, as part of its larger goal to implement a Web3 feature. This is according to an official statement published on February 15. As part of the agreement, Mint Songs product lead Nate Pham will join Napster to lead its Web3 product initiatives.
Mint Songs, launched in 2021, is a music start-up running an NFT marketplace that helps music artists build Web3 communities by creating exclusive songs and art for their fans to own and trade. On the other hand, Napster is an original music distributor that launched its streaming music service at the turn of the last century.
The acquisition comes five months after Jon Vlassopulos, a former Roblox executive, joined Napster as its new chief executive. He made it clear from the outset that Napster was looking to expand its reach into Web3 and the broader music ecosystem and was therefore seeking some acquisitions.
Napster plans to buy more music and Web3 startups after bagging Mint Songs
The Mint Songs acquisition is the first of many to come as the company accelerates its Web3 implementation plans. In a statement, Vlassopulos notes: “When I joined, we were talking about Napster Ventures and looking at the opportunity in the market for possible accumulations.” So buying Mint Songs made sense, as it allows Napster to accelerate its go-to-market strategy on Web3, which is a natural evolution from where the company was located. He goes on to add that “They’re great. I think there’s been a lot of innovation in the Web3 music space.”
Now, following the acquisition, Garrett Hughes, co-founder and CTO of Mint Songs, will join Napster as a consultant. He will work closely with the company’s CEO to help them integrate Mint Songs’ technology into the Napster platform.
Hughes will also continue to advise the Napster team on how best to launch new Web3 products and services planned by Mint Songs. Commenting on the acquisition, he notes: “We are excited to bring the technology to the Napster ecosystem, to begin extending this offering to our fans and artists.”
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the world.
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