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Best Buy is reportedly keeping Napster's Los Angeles staff and CEO Chris Gorog as well. The last time Best Buy made a major investment into the music business, it didn't go so well. "Its $700 million purchase of Musicland/Sam Goody stores in 2000, timed just as the music retail business began an 8-year-slide," the Silicon Alley Insider reported. But how well are digital music subscription services doing?
Best Buy Purchases Napster for $121 Million
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Not bad. I'd love to have 121 Mil. But it sure doesn't seem like enough considering the ground-breaking nature of Napster.
it's a bargain for Best Buy. Let's see how they leverage it... surely more folks would be apt to purchase mp3 downloads via a BestBuy interface than a WalMart one to begin with.
Napster was valued at more than 5 times today's selling price after it went public in 2001. Napster had about $70 million in cash reserves as recently as last month according to this LAT piece.
For a few months at the beginning of the century, there was a beautiful thing called Napster. It died and is no more. We are poorer for the loss. The Napster of today is just a logo. Good luck to Best Buy, but I still just want my old Napster back, even if there is a reasonable subscription cost. Until then, the RIAA can suck it.
The RIAA can suck it regardless. All they seem to do these days is infringe on the rights of honest Americans.