Music streaming service Napster has hired former Roblox global head of music Jon Vlassopulos as its new CEO.
The company 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 music brand’s existing investors.
Napster also announced today (September 26) that it is launching Napster Ventures, which it says will “focus on nurturing, investing in and acquiring top 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 succeed on Web3.”
Appointment of new Napster CEO follows platform news acquired 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 acquiredin April 2021, by British virtual reality music company MelodyVR.
Vlassopulos joined Roblox as Vice President and Global Head of Music in 2019, go out 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 Vlassopulos is credited with “bringing artists into the metaverse through interactive, immersive, and hyper-social experiences” on the Roblox platform.
“We are thrilled to have Napster as a central player in the Web3 music ecosystem,” said Matt Zhang, Founder and Managing Partner of Hivemind.
Matt Zhang, Hive Mind
“We are thrilled to have Napster as a central player in the Web3 music ecosystem,” said Matt Zhang, Founder and Managing Partner of Hivemind.
“We look forward to bringing together all of the incredible innovations that have occurred to date so that we can all collectively drive the widespread adoption of Web3 technology for the music industry.”
“We believe Napster is the ideal 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: “During our initial discussions with Jon, we quickly realized his vision to create a new social online music service centered on connecting artists and fans in new ways. and leveraging Web3 technology, aligns perfectly with where we see Napster heading.
“We believe Napster is the ideal brand and platform to lead the next generation of the music industry that goes beyond avatar-based streaming or virtual concerts.
“Jon’s strong connectivity with the music industry and vast experience will give us the leadership needed to make this a reality.”
“It’s an honor to take on this role and I’m thrilled to lead a company with such a rich history in the music industry.”
Jon Vlassopulos, Napster
Jon Vlassopulos, CEO of Napster, added, “It is 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 and innovative ways while making the fan experience more fun and social and creating new revenue streams for the artists.
“I have spent the past three years working hard to create new creative and business opportunities for artists across the Metaverse and I look forward to working alongside the incredible team at Napster, our current and future partners, labels, artists , publishers, brands, and startups to bring mainstream fans to Web3.
Vlassopulos has worked in music, games and entertainment for the past three decades.
After starting his career as a DJ, he then worked for GMB and Bertelsmann in Hong Kong, Tokyo and New York in the late 90s where he worked on many of the company’s first digital initiatives.
He has also worked at companies such as AT&T Wireless, Endemol, and mobile entertainment marketing and advertising agency Skyrockit.The music industry around the world