Jay Z Drops $56 Million On Swedish Music Streaming Company
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“I’m not a business man, I’m a business…man!” Jay Z is creating a whole new meaning to the word “empire”.
The Brooklyn born, multimillionaire entrepreneur (yes, he is not just a rapper any more) has recently dropped a whopping $56 million on Aspiro, the Swedish parent company of two subscription streaming services, WiMP and TIDAL, Billboard reports. The high-priced acquisition puts the Bed-Stuy boy in position to compete with leading streaming services like Spotify and Beats Music.
“Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption,” a spokesperson for S. Carter Enterprises told PEOPLE magazine of the $56 million deal. “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.”
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While the deal hasn’t been confirmed yet and is still subject to shareholder approval, Aspiro claims 512,000 paying subscribers as of their last financial filing, compared to Spotify’s overwhelming 15 million committed subscribers. Jay Z has plans for the Swedish music streaming company, to build it from the bottom up and get into music technology that continues to supersede traditional music sales and expand it globally.
FYI: Jay Z in NOT buying Hot 97.
