Rhapsody International has appointed Mike Davis as chief executive officer, effective immediately.
Davis is the first CEO of Rhapsody International, which is the parent company to streaming music services Rhapsody and Napster.
However, RealNetworks is still a significant shareholder in Rhapsody/Napster – and recently revealed that last year, the company lost $35.5m on annual revenues of $202m.
The company currently boasts around 3.5m paying subscribers, across its Rhapsody-branded service in the US, and its Napster-branded service elsewhere.
Most recently, Davis served as a growth advisor to TPG – the investment company which led the recent $1bn funding round in Spotify – as well as senior operating consultant for The Gores Group.
Prior to his consultancy, Davis was CEO of Alliance Entertainment (Platinum Equity & The Gores Group), CEO of Gavin De Becker & Associates (TPG Growth) and chief commercial officer for Cinram (The Najafi Companies).
Before his tenure as a private equity CEO, Davis served as EVP and General Manager of Universal Music Enterprises (UMe), leading the content and distribution (UMGD) divisions.
“We are primed for continued global growth during one of the most pivotal years for music.”
Mike Davis, Rhapsody International
“The board of directors is thrilled to bring Mike’s visionary thinking and industry experience to Rhapsody,” said Rob Glaser and Jason Epstein, Rhapsody Board co-chairmen.
“Mike is a seasoned leader with proven success navigating the complexities of the music business. His leadership and strategic vision will be essential to Rhapsody’s continued growth for the next 15 years.”
Said Davis: “I am thrilled to join Rhapsody at such a dynamic time for both the company and the music industry.
“For 15 years, Rhapsody has led innovation in streaming music and remains a best-in-class streaming music service. Thanks to the biggest and best partners in the world and a roadmap of innovative new features, we are primed for continued global growth during one of the most pivotal years in music.”
He added: “Napster changed the way we enjoy music forever and we are now seeing how subscription music – a concept Rhapsody pioneered – is emerging as the future of music,” Davis said. “I look forward to building on Rhapsody’s success and making it easier for people to enjoy the music they love.”Music Business Worldwide