With Napster Coming, Roxio Raises $22M
from the tossing-good-money-after-bad dept
Roxio, who recently bought the Napster assets, hired Shawn Fanning, and then decided to just remodel the music labels' dreadful own PressPlay service as "Napster", has somehow convinced some investors that they're on the right track. They've just completed a $22 million private placement to build up their war chest to launch the "new" Napster. Unless they're planning drastic changes (unlikely), this isn't going to go very far. So far, they seem to be banking on the name more than clearly showing any signs that they want to create a service customers will actually want to use. Even the folks on Wall Street are saying that they expect the "business to deteriorate".