Market Overview

Napster's Back

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Napster's Back

  • Napster is making a comeback in Canada as a rebranded, subscription-based streaming music service.
  • Canadians can subscribe to the service for $10 a month, which is competitive against Spotify.
  • Napster will offer access to more than 35 million songs.
  • Napster is making a comeback, at least in Canada.

    Napster has relaunched as a subscription-based streaming music service. Gone are the days when the platform was used for pirating music and as a sharing hot spot.

    Napster's relaunch appears to be limited to just Canadian consumers. For $10 a month, Canadian users can gain access to more than 35 million songs.

    Napster was founded by Sean Parker, John and Shawn Fanning back in June 1999 and saw its ownership structure change hands several times. Retailer Best Buy Co Inc (NYSE: BBY) bought the company for $121 million in 2008; in 2011, the retailer maintained a minority stake as part of an agreement with Rhapsody.

    Related Link: "Serial" Podcast And Ticketfly News Gives Pandora Stock A Lift

    Will It Be Competitive?

    Napster will compete head on with Spotify and other streaming-music services, but will highlight curated playlists featured Canadian artists, like Shawn Mendes and Alessia Cara.

    Napster may have recognized an opportunity in Canada, as the competitive landscape isn't as plentiful as it is in the United States. For example, Pandora Media Inc (NYSE: P)'s streaming service is not available in Canada.

    The service will be launched across all major mobile platforms and web browsers. Much like Spotify and other services, Napster will make its music available for download and to listen offline. The streaming music platform also offers a service called "Napster KIDS," which the company claims is the first streaming service designed specifically for kids.

    Image Credit: Public Domain

    Posted-In: John Fanning Napster Napster Canada Rhapsody Sean Parker Shawn Fanning SpotifyNews Best of Benzinga

     

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