He’s got 99 problems but ad-free streaming ain’t one – US rapper Jay Z has just decided to buy out music streaming company Tidal.
It’s part of a bigger acquisition of Aspiro, a Swedish firm that fuels two popular ad-free music streamers – WiMP, and high-fidelity audio service Tidal.
Project Panther Bidco Ltd., a firm controlled by Jay Z’s Shawn Carter LLC, has confirmed it will throw down $56 million to acquire Aspiro.
This gives it access to a wide range of markets, with Tidal operating in the UK and US, and WiMP operating in Norway, Denmark, Sweden, Germany, and Poland.
The deal was reportedly ‘unanimously recommended’ by Aspiro’s board of directors.
While Jay Z already has far-reaching business interests, this will mark his first foray into the nascent music streaming business.
As you likely already know, Jay Z isn’t the first US rapper looking to take a bite out of the music technology industry.
As of May 5 last year, Jay Z was listed as the third wealthiest hip-hop artist, boasting a net worth of some $520 million.