Independent music streaming service, Napster, has acquired Mint Songs, a Web3 music startup, as part of its wider goal to roll out a Web3 feature. This is according to an official statement released on February 15. As part of the deal, Mint Songs’ product lead Nate Pham will join Napster to lead its Web3 product initiatives.
Launched in 2021, Mint Songs is a music startup that runs an NFT marketplace that helps music artists build Web3 communities by minting songs and exclusive art for their fans to own and trade. On the other hand, Napster is an original music distributor that launched its music streaming service at the end of the last century.
The acquisition comes five months after Jon Vlassopulos, a former Roblox executive, joined Napster as the new CEO. He made it clear from the start that Napster was looking to expand its reach into Web3 and the broader music ecosystem, and was thus looking for a few acquisitions.
Napster Plans To Buy More Music And Web3 Startups After Bagging Mint Songs
Mint Songs’ takeover is the first of many to come as the company speeds up its plans to rollout in Web3. In a statement, Vlassopulos notes, “When I joined, we were talking about Napster Ventures and looking at the opportunity in the marketplace for potential roll-ups.” Therefore, buying Mint Songs made sense as it allows Napster to speed up its go-to-market strategy on Web3, which is a natural evolution from where the company was at. He goes on to add that “they’re great. I think there’s been so much innovation in the Web3 music space.”
Now, following the acquisition, Garrett Hughes, cofounder and CTO of Mint Songs, will join Napster as an adviser. 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 the best way to launch new Web3 products and services planned by Mint Songs. Commenting on the acquisition, he notes, “We’re excited to bring the tech to the Napster ecosystem, to start extending this offering to our fans and artists.”
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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 globe.