Jay Z buys music streaming company Aspiro to battle Spotify

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Jay Z’s $56 million bid for Aspiro, a Swedish tech company behind the streaming services Tidal and WiMP, has been accepted by shareholders. At first the minority shareholders initially recommended that the bid be rejected after questioning Jay Z’s plans for international expansion. They also questioned his valuation of the company. However, it appears their concerns were allayed before the March 11 deadline to seal a deal.

The services are for the more upscale audiophiles, with curated recommendations and playlists, artists interviews, and songs you can stream and download in lossless FLAC format. They are available in six countries across the European market and have over 580,000 paying customers. It isn’t clear what Jay plans to do with the company but based on the success of Spotify and Apple’s purchase of Beats by Dre, he’s probably looking to take a bite out of the new music streaming market.

Sources: theverge.com



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