Many folks will not have heard of Swedish-based company Aspiro before today. But it’s a whole new ballgame now.
Per a report by UPI writer Veronica Linares, Jay Z has tendered an offer of $56 million to acquire the overseas firm:
Aspiro offers a subscription service called Tidal in the the U.S. that allows users to stream “HiFi quality audio,” magazines and video content. Jay Z – whose real name is Shawn Corey Carter – reportedly
plans to make the purchase through one of his side ventures, Project Panther Bidco.
“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,” said a statement released by Project Panther.
Streaming Media AS, which holds a three-quarters stake in Aspiro, has reportedly already said yes. The recommendation to other minority shareholders is to also accept the Jay Z offer.
And these days, it doesn’t take long for the analysis to start streaming either. The deal has yet to close, but already Time subject matter expert Victor Luckerson is explaining “Why Jay-Z’s New Music Service Won’t Beat Spotify.”
[Screen grab via: aspiro.com]