Rapper and entrepreneur Jay Z is all set to take on rivals Spotify after entering a new music streaming business. The 45-year-old is purchasing the Swedish technology company called ‘Aspiro’ for around $56 million.
Social media, the Scandinavian press and many news groups are buzzing at the moment after hearing Jay Z is buying Spotify rival firm ‘Aspiro’, which is the Norwegian company that deals with music streaming service Tidal.
The full statement over on Yahoo shows the companies reviewing board has already viewed the $56 million purchase deal, it also shows shareholders are recommended to accept the offer put in front of them.
In a roundabout way the Jay Z owned company called “Project Panther” by S. Carter Enterprises put in a bid for Aspiro, which as we said above runs Tidal as well as another similar service called WiMP. But even though neither is well known household names in the United States, WiMp alone has garnered a huge 500,000 paying subscribers as of September.
Can the new buyout compete with the likes of Spotify or Beats Music?
Well, after the deal has been finalised Jay Z will be quick off the mark to start using his name and collateral in pushing Tidal’s profile. This is when millions around the world including USA will get to grips with daily track recommendations, audiophiles, interviews with artists, playlists and so much more.
Tidal costs $19.99 a month, once joined users can have full access to over 75,000 music videos, 25 million tracks and much more.