Aside from owning nightclubs, sports teams, and the music industry, Jay Z found one more way to ‘make it rain’. And this time, it’s in the form of music streaming!
As the New York Times reports, the music mogul is trying to buy Aspiro, a Swedish enterprise that owns streaming services WiMP and Tidal.
Jay Z’s company, Project Panther, simply offered $56 million for the ownership of the streaming business, which is sure to make even more $ in the future.
As Aspiro revealed in a press release, the offer looks appealing to the main heads of the company: “With reference to Project Panther Bidco Ltd’s public takeover offer for all the shares in Aspiro AB, the Independent Bid Committee within Aspiro’s board of directors has decided, as further set out below, to unanimously recommend all shareholders of Aspiro to accept the offer.”
While WiMP has over 500,000 active users, and an unknown number for Tidal, we can only image at what fortune is Jay Z looking at right now. If we consider that the monthly subscription for WiMP is $20, the estimated revenue would be over $10 million per month!