Venture Capital

by Mike Masnick

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".

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  • identicon
    John, 20 Jun 2003 @ 1:27pm

    Napster revival

    With Napster gone and the RIAA and MpAA getting more and more upset each day.The company Roxio should rapidly find a way to create a new Napster service for consumers to actually want!
    Maybe a $10/a month service that allows Mp3s or whatever to be shared via the Napster platform and figure out a way to pay the artists too.This would innovate and reinvent the Napster name and bring up that Roxio stock! Move it Roxio! or lose it!Time is ticking!We are all waiting.
    Personally I would pay for such a great service ,but it would have to have every song out there and it better be fast!

    reply to this | link to this | view in chronology ]

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