Mega star, Jay-Z is buying a Scandinavian music streaming company, Aspiro, for $56 million. He will be doing this through his company, Project Panther Bidco Ltd.
Jay-Z (real name Shawn Corey Carter) with an estimated net worth was $520 million, is one of the world’s best-selling music artists of all time, having sold more than 100 million records. He has his hands in many business interests including Rocawear clothing.
Does Jay-Z want to take on the likes of Spotify and Deezer? I wonder what his plans are.
Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption. 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.
WiMP is a music streaming service focusing on inspiring users to find new music and old favorites and is currently available in Denmark, Sweden, Norway, Poland and Germany. On the other hand, TIDAL combines the best High Fidelity sound quality, High Definition music videos and expertly Curated Editorial.
According to Project Panther, it said it had followed the development of Aspiro for some time, believing it to be “an innovative high-quality company with strong future growth potential”.
Norwegian media house Schibsted, Aspiro’s main shareholder, said it had accepted the offer, while Aspiro’s board said it was united in recommending the bid, virtually ensuring its success.
Schibsted owns around 75 percent of Streaming Media AS, which in turn owns about 76 percent of Aspiro
Shares in Aspiro, which runs music streaming service WiMP, leapt 59 percent in early trading to the bid level of 1.05 crowns per share.
