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Los Angeles-based digital music service that grew out of Napster, originally a peer-to-peer MP3 file-sharing application.
Founded in 1999 by Shawn Fanning and Sean Parker and based in California, US, Napster Inc. began as a peer-to-peer MP3 file-sharing application. In May 2000 it raised USD 15 million of Series C financing from lead investors Hummer Winblad Venture Partners and Angel Investors. Roxio acquired Napster's intellectual property in November 2002 for USD 0.35 million, and Best Buy acquired the re-emerged service in 2008 for USD 121 million.
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