Jay Z takes on Spotify streaming with $56 million Tidal purchase

Another day, another rapper involved in music tech business.

This time it’s Mr Beyonce, Jay Z, who has put in a $56 million bid to purchase Norwegian high-quality music streaming service Tidal.

The offer of 464 million Krona has been accepted by the review board, which now recommends its shareholders accept the offer.

So that’s the headline-grabbing news over with – here’s the full details:

Project Panter, a company under Jay Z’s S. Carter Enterprises, has bid for Aspiro, the parent company of Tiday and WiMP.

WiMP boasts half a million paying subscribers, which with the right guidance can grow tenfold worldwide if the appetite for Spotify is anything to go by.

Via engadget