Jay Z Gets into Music Streaming Business

Move over Dre, Jay Z might need some room. It was announced today that Jay Z will be purchasing Spotify’s rival Aspiro for 56 million dollars cash. Project Panther, which is owned by Jay-Z’s S. Carter Enterprises, has bid 464 million Krona (that’s around $56 million) to buy the NASDAQ Stockholm-floated company outright,according to a press release. A deal is subject to shareholder agreement but, with Aspiro’s board of directors unanimously recommending that the offer is accepted, its completion seems imminent.

WiMP is available in a handful of European markets — Denmark, Germany, Norway, Poland and Sweden — while Tidal offers a “higher fidelity” service, which boasts a superior quality of sound than to the likes of Spotify, Rdio and Deezer’s services. Available in the UK and the U.S. since October 2014, Tidal is priced at $20 per month, which is around double the main competition.

Jay Z has a wide range of business interests and Forbes estimated his net worth last year at $520 million but this is his first move into the music streaming business. Way to go Jay !!

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