Jay Z Gets Into Music Streaming With The Acquisition Of Aspiro

Nowadays we are starting to see more musicians enter the music business not so much as artists, but as business people. For example Neil Young has launched his Pono Music Player and Dr. Dre has Beats Music (although we suppose technically Apple owns it now), and now it looks like hip-hop mogul Jay Z will be entering the music streaming business as well.

According to a report from The New York Times (via AppleInsider), Jay Z has made a $56 million bid on Swedish company Aspiro. While the company might not be familiar to some of you guys, they are the parent company of music streaming services such as WiMP and Tidal, both of which are streaming services that supposedly offer higher quality streams compared to the competition.

This isn’t the first time we have heard of Jay Z’s interest as earlier this year in January, it was rumored that the musician was interested in acquiring Tidal, but we guess the acquisition was for the parent company instead. The bid was made through an investment entity called Project Panther Bidco who has since released a statement confirming the acquisition.

“All conditions for completion of the offer have been fulfilled, and the offer is therefore declared unconditional. Accordingly, Panther will complete the acquisition of the shares tendered in the offer.” It is unclear as to what Jay Z will do with the company but we can only assume that he will be taking the streaming services and market it as a more premium service compared to current music streaming options, like Spotify, Beats Music, and so on.

Tyler Lee
Categories: Audio
Tags: tidal