Jay-Z Is Taking on Spotify By Buying Aspiro For $56m

by Raheem Karim
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The popularity of streaming music has become increasingly popular in the coming years as opposed to buying physical albums. Jay-Z is looking to make power moves in 2015 by getting in on the growing trend by buying his own streaming services.

Reuters reports Jay’s S. Carter Enterprises subsidiary Project Panther put in a $56 million bid for Aspiro. the Scandinavian company controls the streaming services WiMP and Tidal. Aspiro’s main shareholder, Schibsted, has accepted the offer.

This will put Jay in direct competition with other streaming giants like Spotify and Apple’s Beats Music. Project Panther refered to Aspiro as “an innovative high-quality company with strong future growth potential.”

Aspiro’s WiMP reportedly has 512,000 paying subscribers in Europe. Its more expensive HiFi version, Tidal, is said to have 20,000 subscribers. Tidal launched in the U.S. in October 2014 with a monthly subscription price of $19.99.

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