Best Buy purchases Napster for $121m and joins online music arena

Best Buys have joined the online music arena, purchasing the online music service Napster for $121m (£67.5m) in cash and investments. The acquisition share values more than doubled its market share on Friday, reaching $2.65 a share.

Best Buys want to reach new customers by influencing Napster’s existing 700,000 existing subscribers. In a Best Buys statement, Dave Morrish an executive vice president of Best Buys said that they can foresee Napster’s easy-to-use interface, streaming music and mobile offerings were the service’s key strengths, using Napster’s platform for accelerating growth in the emerging industry of digital entertainment, taking it past music subscription.

Napster had recently acquired smaller online music outlets, such as those run by AOL and Virgin Digital.

Read the full article at BBC