A brand that was notoriously connected to music piracy before reemerging as a subscription music service has been sold to Infinite Reality for $207 million.

The tech startup announced Tuesday it had bought Napster in hopes of transforming the streaming service into a social music platform where artists can connect with fans and better monetize off their work.

“The internet has evolved from desktop to mobile, from mobile to social, and now we are entering the immersive era. Yet, music streaming has remained largely the same. It’s time to reimagine what’s possible,” said Napster CEO Jon Vlassopulos in a blog post.

Among its plans to update Napster, Infinite Reality said it will create virtual 3D spaces that will allow fans to attend concerts, and give musicians or labels the ability to sell digital and physical merchandise. Artists will also receive a wider range of metrics and analytics to better understand the behavior of platform users.

“We can think of no better use case for our technology than putting it in the hands of music artists who are constantly pushing the boundaries of what’s possible,” said Infinite Reality Chief Business Officer Amish Shah.

Napster was launched in 1999 by Shawn Fanning and Sean Parker and quickly became the first significant peer-to-peer file-sharing application. It shuttered in early 2000s after the record industry and popular rock band Metallica sued over copyright violations. Rhapsody later bought the brand in 2011 and relaunched it as a music streaming service.

This story was originally featured on Fortune.com

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• “Billionaire’s Beach” in Florida is home to 58 billionaires, including Donald Trump, Ken Griffin, Julia Koch, and Stephen Schwarzman. The wealth of these Palm Beach homeowners totals about $494.7 billion—attracting the world’s 1% with pristine beaches, unparalleled privacy, tax breaks, mega-mansions, and exclusivity. 

Florida has become the mecca of America’s wealthiest—with many of the world’s richest individuals flocking to one oceanside town, dubbed “Billionaire’s Beach,”  where you can rub shoulders with the likes of Ken Griffin and Donald Trump.

Palm Beach is home to a staggering 58 billionaires, drawn to crystal blue waters, Mediterranean-style megamansions with unparalleled privacy, and Rodeo Drive–worthy shopping.

Many of the richest own property on South Ocean Boulevard—a famous street part of “Billionaire’s Row,” lined with towering palm trees and pristine beaches. Properties for sale cost an arm and a leg, with some charging $57.5 million or $38.7 million for an in on the exclusive neighborhood. 

One 8-bedroom, 15-bathroom listing is even up for $88 million.

But Kenneth Griffin, the CEO of Citadel, wants to shatter all those numbers. 

The American hedge fund manager worth $41.8 billion has his sights set on constructing a $1 billion property in Palm Beach. In 2023, he bought about 20 acres of prime real estate in the area, and plans are still underway to spend anywhere from $150 million to $400 million on constructing his dream house—and it’s expected to be one of the priciest homes on the planet when complete.

It’s just a quarter mile south of President Trump’s sprawling 126-room, 62,500-square-foot Mar-a-Lago estate. 

10 of the richest residents of Palm Beach 

Net worths are based on the most recent data from the Bloomberg Billionaires Index. 

• Julia Koch and family, $75.7 billion
• Thomas Peterffy, $52 billion
• Stephen Schwarzman, $47.9 billion
• Kenneth Griffin, $41.8 billion
• Abigail Johnson, $38.9 billion
• Dan Gilbert, $30.2 billion
• Thomas Frist Jr., $29.5 billion
• Gina Rinehart, $24.6 billion
• David Tepper, $22.3 billion
• Henry Kravis, $16.6 billion

Like birds of a feather, billionaires tend to flock together. It’s estimated that the combined net worth of Palm Beach’s richest residents totaled an eye-watering $494.7 billion in 2024, according to analysis of Forbes data by the Palm Beach Daily News. 

Aside from the temperate climate, private beaches, stunning views, and luxury real estate, the Florida town attracts the world’s wealthiest for its tax breaks. Most notably, Florida is one of the nine U.S. states with no income tax—meaning residents and companies don’t have to cough up taxes on their wages, salaries, or business profits.

Plus, flocking to Florida is not just an investment for billionaires’ pockets—a part of the appeal of buying a megamansion on Palm Beach is sharing a zip code with some of the world’s one percent.

Your ultrawealthy neighbors could include Koch Industries’ Julia Koch and her family, worth $75.7 billion; Stephen Schwarzman, the Blackstone CEO boasting a $47.9 billion net worth; or Fidelity CEO Abigail Johnson, who has amassed a $38.9 billion empire, to name a few.

After Estée Lauder bought out his brand for $2.8 billion, fashion A-lister Tom Ford forked over $51 million for a home in the area in 2022. One year later, 84 others bought properties worth over $10 million in Palm Beach during 2023. 

And if Palm Beach’s billionaires aren’t enough company, then just drive 10 miles south to Manalapan, where Oracle cofounder Larry Ellison just set a Florida record for the purchase of a $173 million estate spanning 16 acres.

This story was originally featured on Fortune.com

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