Jay-Z Targets Spotify With $56 Million Purchase Of Nordic Streaming Company Aspiro
Based in Sweden, Aspiro is the kind of music streaming company that is destined to attract attention from investors like Jay-Z’s Project Panther Bidco Ltd. Aspiro has two thriving music streaming services, including WiMP and Tidal, the latter of which has been compared to Spotify by Forbes. Tidal offers hi-fidelity, subscription-based music streaming, while WiMP, which also provides hi-fidelity music, has free (ad supported) and subscription models.
It’s not unusual for an artist to invest in his or her own industry – Dr. Dre’s Beats Music comes to mind as a noteworthy example – but Jay-Z’s move seems to pit him against Spotify, which has a massive user base. It will be interesting to see if Jay-Z has other, related purchases planned.