In 2011, Rhapsody bought the peer-2-peer turned music subscription service called Napster. Today, Rhapsody is announcing that the company as a whole will be undergoing a restructure, and from this point forward, Rhapsody will officially be switching its name over to Napster.
According to Billboard, this restructuring would see Rhapsody streamlining the company’s structure, which means that layoffs will be occuring across its global officers. There are further rumours that Rhapsody will be closing down its San Francisco office, but Rhapsody has yet to confirm that such is a case.
If you are currently subscribed to Rhapsody, you need not worry as this name change would not affect the music streaming service outside of a change in the name and logos inside its apps.
“The difficult actions we are taking now will create operational efficiency and position Rhapsody/Napster for growth while further expanding our global partnerships, which last year contributed to a 35% increase in paid subscribers. We’re proud of the product innovations we’ve introduced that connecct music fans with each other to discover new music they love, and look forward to continuing to create experiences and partnerships that increase the amount of music people emotionally connect and listen to around the world,” says Mike Davis, CEO of Rhapsody.
