Jay Z is positioning himself to be the next big player in the digital music space. He just dropped a whopping $56 million on Aspiro, the Scandinavian company behind music streaming services WiMP and Tidal.
WiMP is a direct rival to Spotify in its native Scandinavia, with a higher-resolution version called WiMP HiFi that was rebranded as Tidal when it launched in the UK and US in October 2014.
It sounds to us like Jay Z is trying to become the next Dr. Dre!
The bid was made by Project Panther, which is owned by Jay’s company S. Carter Enterprises. This deal puts Jay Z in direct competition with Beats Music, the streaming service co-founded by Dr. Dre which was later purchased by Apple in the massive $3bn acquisition of Beats Electronics.
Just recently, it was announced that Dre topped Forbes’ annual ‘most paid in hip-hop’ list with $620 million — compared to Jay’s $60 million. We’re sure Jay’s ego didn’t like that too much.