Music streaming service Napster has hired former Roblox Global Head of Music Jon Vlassopulos as its new CEO.
The company has also announced a new funding round with participation from existing investors and new backers including Hivemind, Algorand, SkyBridge Capital, Alumni Ventures, Borderless Capital, and G20 Ventures, which will accelerate Napster’s Web3 initiatives.
Brevan Howard Digital, Arrington Capital, and RSE Ventures are also among the existing investors of the music brand.
Napster also announced today (September 26) that it’s launching Napster Ventures, which it says “will focus on fostering, investing in, and acquiring the best Web3 music startups”.
Algorand, in partnership with Napster, is also launching an artist development fund, which according to a press release is “designed to help artists navigate and be successful in Web3”.
Napster’s new CEO appointment follows the news of the platform’s acquisition in May by Hivemind and Alogrand with plans to “revolutionize the music industry by bringing blockchain and Web3 to artists and fans”.
Music industry veteran Emmy Lovell was named interim CEO at the time.
Napster was previously acquired, in April 2021, by UK-based virtual reality music company MelodyVR.
Vlassopulos joined Roblox as Vice President and Global Head of Music in 2019, exiting the role at the end of April.
During his tenure, Vlassopulos led Roblox’s music initiatives and partnerships with record labels, publishers, management companies, agencies, artists, brands, and music startups.
Napster says that Vlassopulos is credited with “bringing artists into the metaverse via interactive, immersive, and hyper-social experiences” on the Roblox platform.
“We are excited for Napster to be a central player in the music Web3 ecosystem,” said Matt Zhang, Founder and Managing Partner of Hivemind.
Matt Zhang, Hivemind
“We are excited for Napster to be a central player in the music Web3 ecosystem,” said Matt Zhang, Founder and Managing Partner of Hivemind.
“We look forward to rallying all the amazing innovation that has happened to date so we can all collectively drive mainstream adoption of Web3 technology for the music industry.”
“We believe Napster is the perfect brand and platform to lead the next generation of the music industry that goes beyond streaming or avatar-driven virtual concerts.”
W. Sean Ford, CEO of Algorand
W. Sean Ford, CEO of Algorand, said: “In our early discussions with Jon, we quickly realized his vision of building a fresh, new, and social online music service centered around connecting artists and fans in new ways, and leveraging Web3 technology, aligns perfectly with where we see Napster heading.
“We believe Napster is the perfect brand and platform to lead the next generation of the music industry that goes beyond streaming or avatar-driven virtual concerts.
“Jon’s strong connectivity with the music industry and vast experience will give us the necessary leadership to make this a reality.”
“It’s an honor to take on this role and I am thrilled to lead a company with such a rich history in the music industry.”
Jon Vlassopulos, Napster
Jon Vlassopulos, CEO of Napster, added: “It’s an honor to take on this role and I am thrilled to lead a company with such a rich history in the music industry.
“With the advent of Web3 technology, we now have an unprecedented opportunity to connect artists and fans in new, innovative ways while also making the fan experience more fun and social and creating new revenue streams for artists.
“I have spent the last three years working hard to establish new, creative, and commercial opportunities for artists in the metaverse and I am looking forward to working alongside the amazing Napster team, our current and future partners, labels, artists, publishers, brands, and startups to bring mainstream fans to Web3.”
Vlassopulos has worked in the music, gaming, and entertainment space for the past three decades.
After starting his career as a DJ, he then worked for BMG and Bertelsmann in Hong Kong, Tokyo, and New York in the late 90s where he worked on many of the company’s early digital initiatives.
He also worked at firms such as AT&T Wireless, Endemol, and mobile entertainment marketing and advertising agency Skyrockit.Music Business Worldwide
