On Wednesday, Napster, the music streaming service originally launched in 1999, announced that the company has finalized a deal to acquire the Web3 music startup Mint Songs. Napster’s CEO, Jon Vlassopulos, insists that “we are in an unprecedented era of innovation in the digital music space,” and he believes Web3 innovations can help musicians find new ways to connect with their fans.
Napster Ventures Sets Its Sights on Web3 Music Startups
After its Hivemind and Algorand acquisition in May 2022, Napster has reignited its focus on the Web3 space by purchasing Mint Songs, a Web3 music startup. The startup had previously raised $4.3 million from firms including Freestyle Capital and Castle Island Ventures. The Mint Songs platform gives musicians the ability to mint non-fungible token (NFT) items and songs via the Polygon and Ethereum blockchains.
Mint Songs has worked with artists such as Gramatik, Black Dave, and Mark de Clive-Lowe to release exclusive non-fungible token (NFT) memorabilia. When Napster’s CEO, Jon Vlassopulos, joined the company last year, he revealed plans to acquire companies in the music and Web3 space. Napster announced on Wednesday that the acquisition of Mint Songs is the first of many with a focus on Web3 features and related services.
“We are in an unprecedented era of innovation in the digital music space and it feels like there have been more music startups formed in the last two to three years than in the previous 20,” Napster CEO Jon Vlassopulos said in a statement sent to Bitcoin.com News. “We are delighted to welcome one of the most impressive Web3 music startups, Mint Songs, as the newest member of the Napster family,” Vlassopulos added.
The exact value of the Mint Songs acquisition was not disclosed by Napster, and the deal was executed by Napster Ventures, a newly created subsidiary that aims to invest in the best Web3 music startups going forward.
“We are excited for Napster to be a central player in the music Web3 ecosystem, and acquiring Mint Songs is a great foundational step,” said Matt Zhang, founder and managing partner of Hivemind, in a statement. Napster believes that combining Web3 with existing streaming distribution will “unlock new creative and commercial opportunities” for music fans. Similarly, the ‘old-school’ music file-sharing service, Limewire, has also attempted to tackle the Web3 space with NFTs.
What do you think the Napster acquisition of Mint Songs means for the future of music in the Web3 space? Let us know your thoughts about this subject in the comments section below.