Jay Z (or rather, Sean Carter for the purpose of this story), is at it again. And when I say “it,” I mean making major business moves!
He’s already delved into professional sports management, nightclub ownership, clothing lines, and record labels, now he has his sights on Aspiro, a Swedish company that controls streaming services Wimp and Tidal. According to the NY Times, Carter has put in a bid of $56 million, which has already received first round approval from Aspiro. Music streaming is often named as one of the contributors to a faltering music business, and Jay is getting in on this growing opportunity.
A Sean Carter Enterprises (SCE) spokesperson explains in a statement, “Aspiro is a media technology company in the forefront of the ongoing redefinition of music consumption,” the representative told Rolling Stone."Through the subscription services WiMP and TIDAL, Aspiro offers a complete experience of higher HiFi quality. The platform encompasses audio, video and integrated editorial features.
"Project Panther Bidco [a company owned by SCE] 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," the statement continued. "Panther's strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services." However the statement assures "there is no guaranty that a transaction will take place."
Both Wimp and Tidal offer lossless files which attributes to a high quality sound.
Even though the bid hasn’t been fully approved, the acquisition would be a good look for Jay-Z’s growing empire!
Photo: Tom Martin/NME