Jay Z Buys Spotify’s Rival Aspiro for $56 Million

Jay Z Buys Spotify's Rival Aspiro for $56 Million

Jay Z was serious when he dropped the line, “y’all should be afraid of what I’m gonna do next.”

It seems like every time his name is mentioned he’s either buying another brand or signing someone. In his most recent buying spree, Jay Z buys Spotify’s rival Aspiro for a measly $56 million.

See Related: Rumor Mill: Jay Z to Purchase Hot 97

Aspiro is the Scandinavian company behind music streaming services WiMP and Tidal. In Scandinavia, WiMP is the direct rival to Spotify. And it has an even better, high-definition, component to itself called Tidal—originally WiMP HiFi—that launched in the UK and US in October 2014.

Project Panther Bidco Ltd—one of the company’s the mogul controls—made the bid and Bey’s hubby is very pleased with the purchase. He sees Aspiro as “an innovative high-quality company with strong future growth potential.”

According to the Guardian, WiMP currently has 512k paying subscribers and Tidal—the twice as expensive brand to WiMP—has 20k.

This new buy makes Jay a direct competitor to the newly Apple-owned, Beats Music.

Congrats Jay Z!

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