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Updated 11:29 AM EDT, Tue, Jun 16, 2020

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Jay-Z Places $56M Bid for Swedish Streaming Media Company Aspiro

Rap mogul and basketball agent Jay-Z

(Photo : Reuters)

Ever the savvy businessman, rapper Jay-Z has reportedly placed a $56 million bid on Swedish streaming media company Aspiro, which owns WiMP and Tidal.

In a press release, Aspiro said its board of directors unanimously endorsed the acceptance of Jay-Z's offer to their shareholders.

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A representative in charge of managing the rapper's growing empire has also confirmed the potential deal saying the company is indeed "pursuing a possible acquisition of Aspiro."

Should the deal push through, this is a first venture into music technology for the musician who isn't particularly known for being tech savvy.

Nevertheless, Jay-Z's seeming lack of experience in the ins and outs of online businesses won't stop him from cutting into the growing streaming music business. Statistics show that more than 400 billion music stream on top sites like Soundcloud, Vimeo, Spotify and Vevo, indicating a 95 percent rise from the previous year and more than 300 percent increase from 2012.

"The migration to media streaming offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music," added Jay-Z's rep.

Despite the potential, Jay-Z acquiring the Aspiro group marks a lot of hard work for his company. Pitted against streaming giant Spotify, which as more than 60 million users, 15 million of which are paid, WiMP only has about half a million in Europe.

The biggest difference is, of course, the quality with which the company offers their streamed music. Where others offer lower quality audio, Aspiro guarantees crisp, high fidelity sound.

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