Jay Z Purchases Two European Streaming Services

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A Jay Z controlled company called Project Panther Bidco is reportedly in the process of acquiring two European music streaming services at a cost of $56 million according to reports. The two services, WiMP and Tidal, are currently owned by Sweden based company Aspiro and are direct competitors with streaming giant Spotify. I’m not sure what the usage┬ánumbers are like for these two services, but when you compare the $56 million price tag to the $3 billion Apple paid for Beats Music, it seems like Jay got himself quite the deal here. Then again, I’m not sure why he even bothered, considering Flex is about to shut his entire operation down.

Hit the jump for a statment from Panther Bidco on the purchase.

Panther believes that the recent developments in the entertainment industry, with the migration to music and media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music. Panther’s strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services.

via Business Insider

Previously: Funkmaster Flex Sends Shots at Jay Z, Life+Times


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