American rapper Jay-Z is buying the Norwegian company behind the high-quality music streaming service Tidal.
According to the Scandinavian press, Jay-Z (aka Shawn Corey Carter) made an offer worth 464 million Krona (£37.14m), and the company’s reviewing board has already reviewed it.
Apparently, they’re advising their shareholders to accept the offer.
More specifically, the offer was made by Project Panther, a company owned by Jay Z's S. Carter Enterprises. It made a bid for Aspiro, the company that runs Tidal, as well as a similar service named WiMP.
As local media reports, Aspiro has 50 million active users in 58 markets, and 12.5 million are paying subscribers.
WiMP had 500.000 paying subscribers last October, and with Jay Z’s marketing powers, it could soon become a serious competition to Spotify or Beats Music.
Jay-Z is an American rapper, record producer and entrepreneur. He is one of the most financially successful hip-hop artists and entrepreneurs in America. In 2014, Forbes estimated Carter's net worth at nearly $520 million (£345 million).
Tidal is a Swedish high-end music streaming service, available for Android, iOS, over the web, or through 34 home audio systems including Sonos.
It’s a subscription-based service, which costs $19.99 a month (£13.26).
As Engadget says, it's clear that Jay-Z wants a piece of the music streaming pie.
His contemporary Dr. Dre made some serious money selling Beats to Apple, and the consensus among analysts is that the deal was mainly about buying the company's streaming service, rather than its admittedly lucrative headphone business.