Jay Z can be called a lot of things, however, cheap is not amongst those names. In a press release sent out by Swedish music streaming company Aspiro, Hova’s company Project Panther (which is owned by S. Carter Enterprises) put in a $56 million offer on the company. Panther would acquire streaming services WiMP and Tidal in the proposed deal.

According to reports, Jay’s offer has already received preliminary acceptance by Aspiro’s board.

Update: Jay Z’s bid went through to purchase WIMP and Tidal

Read more about WIMP and Tidal below…

Jay Z’s pursuit of Aspiro may suggest an interest in what so far has remained a niche side of the digital music market: high-fidelity audio. WiMP, available in a handful of European countries, and Tidal, which arrived in Britain and the United States in September, stream music in so-called lossless audio formats that are much higher in quality than what is offered by Spotify and most other similar outlets.

WiMP has 512,000 paying users, according to Aspiro’s most recent quarterly report; it has not said how many customers it has for Tidal, which sells subscriptions at $20 a month, twice the going rate of Spotify and most other streaming outlets.

via NYTimes

Photo Credit: PopSugar

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