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[Internet]| Friday 27th June 2008 |
The stockholders claim that the company has not done enough to distance itself from its piracy history, and are attempting to gain power over the board of directors to rectify the situation.
The trio also claim that the company has not been aggressive enough in competition with the market-leading iTunes music store from Apple, which dominates the market with 70% share.
Earlier this month their attempt to gain election to the board was unsuccessful, and the group is now preparing an independent proxy.
As much as 85% of the value of the company has been lost since its peak in early 2005.
Napster was not available for comment at the time of writing.
Last month Napster launched a DRM-free music download service and switched from a monthly subscription to a per-track purchase model.
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