Hip Hop great, Jay Z and Beyonce’s husband is reportedly seeking to challenge Spotify’s domination on music streaming by buying into a Scandinavian company called Aspiro, according to Time. The acquisition is reportedly costing a whooping $56 million and the company controlled by him called “Project Panther Bidco Ltd.” confirmed to Reuters that it has made an offer to Aspiro. The main shareholder of Aspiro is Norwegian based Schibsted has also confirmed the offer.
The American hip hop artist whose actual name is Shawn Carter is seeking to diversify into music streaming on the heels of Taylor Swift. Aspiro runs two music streaming services, both of which are ad-free. One is WiMP, which has limited availability in Europe, and the other is Tidal, a high-definition audio service that is available in the U.S., Canada, the U.K., Ireland, Finland, the Netherlands, Belgium and Luxembourg.