DOJ Investigation Reveals $3 Billion Napster Investor Was Fictitious
A Department of Justice inquiry found that a supposed $3 billion investor in Napster was not legitimate, adding another twist to the evolving story of the pioneering file-sharing platform.
Because its peer-to-peer file sharing software was so revolutionary for music fans, Napster looms large in the minds of a whole generation. Thus, the Napster IP has changed hands many times over the past quarter-century as companies including Roxio, Best Buy, Rhapsody, MelodyVR, and Hivemind have attempted to attach the Napster brand name to on-demand streaming services and internet radio. Most recently, the Metaverse company Infinite Reality bought Napster for $207 million last year with plans to make it "a social and interactive music platform," after which Sony Music sued Napster for millions in unpaid royalties. Now more legal action is underway.
The post In Latest Twist For Napster, DOJ Says $3 Billion Investor Was Fake appeared first on Stereogum .
_Originally reported by [Stereogum](https://stereogum.com/2502107/in-latest-twist-for-napster-doj-says-3-billion-investor-was-fake/news/)._
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