In order to advance its larger objective of launching a Web3 feature, independent music streaming provider Napster has purchased Mint Songs, a Web3 music startup. This is in accordance with a formal announcement made on February 15th.
Nate Pham, the product lead for Mint Songs, will join Napster as part of the agreement to oversee its Web3 product projects.
Mint Songs is a music startup that was founded in 2021 and operates an NFT marketplace. By minting songs and exclusive artwork for fans to own and trade, Mint Songs assists musicians in developing Web3 communities. Napster, on the other hand, is a distributor of original music that debuted its music streaming service near the close of the previous century.
Five months after Jon Vlassopulos, a former executive of Roblox, became the new CEO of Napster, the company was acquired. He was very clear that Napster was searching for a few acquisitions in order to broaden its presence in Web3 and the larger music ecosystem.
Napster intends to purchase more Web3 startups and music Following Mint Tracks Bagging
The company is accelerating its efforts to launch in Web3, and this buyout of Mint Music is just the first of many to come. Vlassopulos claims in a statement that “When I joined, we were talking about Napster Ventures and looking at the opportunity in the marketplace for potential roll-ups.” So, it made sense for Napster to purchase Mint Songs because it will enable it to accelerate its go-to-market strategy on Web3, which is a logical progression from where the firm was at. He also says that “they’re great. I think there’s been so much innovation in the Web3 music space.”
Garrett Hughes, Mint Songs’ co-founder, and CTO, will now work as an adviser for Napster as a result of the acquisition. To assist in integrating Mint Songs’ technology into the Napster platform, he will collaborate closely with the company’s CEO.
Also, Hughes will keep giving the Napster team advice on the most effective ways to introduce upcoming Mint Songs’ Web3 services and products. “We’re excited to bring the tech to the Napster ecosystem, to start extending this offering to our fans and artists,” he said in response to the acquisition.