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Jay Z wants to buy Aspiro music streaming service for $56 million

Jay Z is opening up the check book to purchase the Aspiro online music service for $56 million

Michael Hatamoto | Jan 30, 2015 at 04:33 pm CST (0 mins, 42 secs reading time)

Rap mogul Jay Z wants to expand his business empire even more, offering $56 million to purchase the Swedish Aspiro music streaming service. The Roc Nation entertainment company would receive additional exposure, in addition to acquiring Aspiro's WiMP and Tidal services.

Jay Z wants to buy Aspiro music streaming service for $56 million | TweakTown.com

"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," according to a statement from Jay Z's Project Panther.

Streaming Media OS, which owns 76 percent of the Aspiro brand, is expected to accept the deal - and helps Jay Z jump into the competitive, yet lucrative streaming music business. The streaming music business is booming - and while companies like Pandora and may struggle to create long-lasting revenue - it could make for a wise investment for Jay Z.

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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