Ever seen the Movie, The Social Network, starring Jesse Eisenberg, Andrew Garfield and Justin Timberlake as leads.....
Truly, in the Movie, Justin played the role of Napster Billionaire, Sean Parker.....
Yes, Napster founded by John, Shawn Fanning and Sean Parker, made a huge success within few years of beginning.
there were a million users and hundreds, thousands of songs, which were categorized in every type and artist.
The startup was a great opportunity for them to buy the market....the youth all over America, europe and other countries made them famous and useful.....
Initially, Napster was envisioned as an independent peer-to-peer file sharing service. The service operated between June 1999 and July 2001 Its technology allowed people to easily share their MP3 files with other participants. Although the original service was shut down by court order, the Napster brand survived after the company's assets were liquidated and purchased by other companies through bankruptcy proceedings.
but there are heaps and bounds.....here the same happened, after the profits, the company started acquiring losses and falls in shares of the company.
In July 2001, Napster shut down its entire network in order to comply with the injunction. On September 24, 2001, the case was partially settled. Napster agreed to pay music creators and copyright owners a $26 million settlement for past, unauthorized uses of music, as well as an advance against future licensing royalties of $10 million. In order to pay those fees, Napster attempted to convert its free service into a subscription system. Thus traffic to Napster was reduced. A prototype solution was tested in the spring of 2002: the Napster 3.0 Alpha, using the ".nap" secure file format from PlayMedia Systems and audio fingerprinting technology licensed from Relatable. Napster 3.0 was, according to many former Napster employees, ready to deploy, but it had significant trouble obtaining licenses to distribute major-label music.
In July 2001, Napster shut down its entire network in order to comply with the injunction. On September 24, 2001, the case was partially settled. Napster agreed to pay music creators and copyright owners a $26 million settlement for past, unauthorized uses of music, as well as an advance against future licensing royalties of $10 million. In order to pay those fees, Napster attempted to convert its free service into a subscription system. Thus traffic to Napster was reduced. A prototype solution was tested in the spring of 2002: the Napster 3.0 Alpha, using the ".nap" secure file format from PlayMedia Systems and audio fingerprinting technology licensed from Relatable. Napster 3.0 was, according to many former Napster employees, ready to deploy, but it had significant trouble obtaining licenses to distribute major-label music.
On May 17, 2002, Napster announced that its assets would be acquired by German media firm Bertelsmann for $85 million. Pursuant to terms of that agreement, on June 3 Napster filed for Chapter 11 protection under United States bankruptcy laws. On September 3, 2002, an American bankruptcy judge blocked the sale to Bertelsmann and forced Napster to liquidate its assets according to Chapter 7 of the U.S. bankruptcy laws.
currently, It is Merged with Rhapsody......
SO this Was how, one of most Famous site came down.....
there are several companies and offices which had a large time and then they needed to pay the large sums.....their rapid growth and rapid fall.....
No comments:
Post a Comment