Saturday, 31 January 2015

Jay Z's Latest Business Venture: Rapper Makes $56 Million Bid With Music Streaming Company

Apparently, taking over the music industry and dipping into ownership of nightclubs, sports teams and athlete representation is not enough for a business mogul like Jay Z.

The rapper's latest business venture shows that he hopes to expand his already-astounding empire by entering the world of high-quality music streaming. The New York Times reports that Jay Z has put in a $56 million offer, through his company Project Panther, for Aspiro, a Swedish company that controls high-quality streaming services WiMP and Tidal.

And it looks like the bid has already receiving preliminary approval from the Aspiro board.

"With reference to Project Panther Bidco Ltd's public takeover offer for all the shares in Aspiro AB, the Independent Bid Committee within Aspiro's board of directors has decided, as further set out below, to unanimously recommend all shareholders of Aspiro to accept the offer," the company revealed in a press release.

"Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption," a spokesperson for Shawn Carter Enterprises 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 statement continued. "Panther's strategic ambition revolves around global expansion and up-scaling of Aspiro's platform, technology and services."

WiMP reportedly has 512,000 paying users, according to Aspiro's most recent quarterly report. It has not said how many customers it has for Tidal, which sells subscriptions at $20 a month, twice the going rate of Spotify and most other streaming outlets.

Should Jay's bid be accepted, he'll gain full control over both WiMP and Tidal.


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