Jay Z Purchases Music Streaming Service For $56 Million

Streaming services WiMP and TIDAL position Jay Z to compete with Spotify

Jay Z's $56 million bid for Swedish company Aspiro has been accepted, Billboard reports. The media technology company comes with two subscription based streaming services, WiMP and TIDAL, and its acquisition will position Jay Z to compete with dominating streaming service Spotify if it goes through. The transaction is still subject to shareholder approval, and Aspiro claims 512,000 paying subscribers as of their last financial filing, compared to Spotify's swelling 15 million strong user base. The rapper hopes to get in on the ground floor of a technology that continues to displace traditional music sales.

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Jay Z Purchases Music Streaming Service For $56 Million