Jay-Z Bids $56 Million for Music Streaming Services

The Jiggaman offers multi-million dollars to take over Aspiro, the developer of two high-quality music streaming services WiMP and Tidal.

AceShowbiz - %cJay-Z% is expanding his empire into music streaming business. Through Project Panther Bidco Ltd. owned by his company Sean Carter Enterprises, the rapper has placed a $56 million bid for Aspiro, a Swedish company that developed two emerging high-quality music streaming apps.

Jay-Z has reportedly got preliminary approval from the Aspiro board. Fredrik Bjorland, who headed a committee recommending the company to take the offer, believed that the rapper would be "a good owner ... to continue its successful international expansion."

"Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption," an SCE rep tells Rolling Stone. "Through the subscription services WiMP and TIDAL, Aspiro offers a complete experience of higher HiFi quality. The platform encompasses audio, video and integrated editorial features."

"Panther believes that the recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music," the rep continues. "Panther's strategic ambition revolves around global expansion and up-scaling of Aspiro's platform, technology and services."

The Oslo-based developer launched WiMP in Europe, and Tidal in the U.S. and U.K. The former has had 512,000 subscribers. The number for the latter hasn't been revealed, but fans have to pay a monthly fee of $20 for the high-quality streams. It is double the cost of some other rival services.

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