Jay Z Bids $56 Million On Swedish Music Streaming Company Aspiro
Even though Jay Z may have bought Ace of Spades, part of the Brooklyn Nets and more, He’s starting to see that the future of investments lies in new technology.
Recently sent out in a press release by Swedish music streaming company Aspiro, Jay Z’s company Project Panther, owned by S. Carter Enterprise, placed a 56 million dollar offer to buy the company. As being accepted, the Project Panther will acquire streaming services from WiMP and Tidal in the proposed deal.
Jay Z’s pursuit of Aspiro may suggest an interest in what so far has remained a niche side of the digital music market: high-fidelity audio. WiMP, available in a handful of European countries, and Tidal, which arrived in Britain and the United States in September, stream music in so-called lossless audio formats that are much higher in quality than what is offered by Spotify and most other similar outlets.
WiMP has 512,000 paying users, according to Aspiro’s most recent quarterly report; it has not said how many customers it has for Tidal, which sells subscriptions at $20 a month, twice the going rate of Spotify and most other streaming outlets.
Just last year alone, Dr. Dre’s Beats were bought by Apple for 3.2 Billion dollars putting Jay Z in 3rd place as the wealthiest Hip Hop mogul. Do you think Jay Z is gonna get that #1 spot?
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via NY Times