Jay Z tables $56m bid for Aspiro for its WiMP and Tidal music streaming services
Jay Z has reportedly had a bid for Scandinavian based tech company Aspiro accepted in a move which will see the rapper gain control of the firm’s music streaming services WiMP and Tidal.
WiMP is an ad-free music streaming service currently available in Denmark, Germany, Norway, Poland and Sweden boasting over 580,000 paying subscribers meanwhile Tidal is essentially the same service rebranded for UK and US audiences.
Both Tidal and WiMP boast high-quality FLAC file streaming with the only caveat being the fact its £19.99 monthly fee is significantly lower than Spotify's $9.99 a month.
Reuters reports that the Aspiro board has accepted the offer from Jay-Z’s company Project Panther.
A statement from the company reads: “Panther believes that the recent developments in the entertainment industry, with the migration to music and media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music.
“Panther's strategic ambition revolves around global expansion and up-scaling of Aspiro's platform, technology and services.”
Jay Z is reputed to worth half a billion dollars and the brand affiliation could help as Project Panther looks to build the service internationally.