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Napster is back... sort of.
The infamous peer-to-peer file sharing service was all the rage in the late 1990s. However, the company was riddled with legal battles and forced to shut down in 2001. The company went on to transition itself as a legitimate online music store and was eventually acquired by Rhapsody from Best Buy Co Inc (NYSE: BBY) in 2011.
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According to CNN Money, Rhapsody, one of the first subscription music streaming providers, will change its name to Napster.
The company boasts 3.5 million global subscribers in 34 countries, but faces increasing competition from newer entrants to the online music streaming market, including Pandora Media Inc (NYSE: P), Apple Inc. (NASDAQ: AAPL) and Spotify, among others.
Rhapsody has already officially changed its name to Napster in some of the major markets it operates in, including Canada.
Rhapsody's website is vague with the details and just says "Napster is coming."
"No changes to your playlists, favorites, albums, and artists," the company said in its blog post. "Same music. Same service. Same price. 100% the music you love. Stay tuned!"
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.