Jay-Z Targets Spotify With $56 Million Purchase Of Nordic Streaming Company Aspiro

With more than 100 million record sales under his belt, rapper Jay-Z is already one of the most successful musicians, ever. But music is only part of Jay-Z’s estimated $520 million empire, which also features a clothing line and 40/40 Club bars. Now, the rapper is adding streaming music company Aspiro to his portfolio, to the tune of $56 million.

WiMP music streaming service is now owned by Jay-Z

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.

Tidal is another service owned by Jay-Z. Both services are owned by Aspiro, which was recently sold to the rapper.

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.

Via:  Reuters
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