Jay-Z appears to be moving into the music streaming game with Spotify in his sights. The rapper placed a 464 million Krona bid, which is about £37 million, for high quality Norwegian streaming service Tidal.
To be exact a company directly owner by Jay-Z's S Carter Enterprises, called Project Panther, made the bid for Aspiro, which runs Tidal and a similar service called WiMP.
Tidal might not be a well-known service outside of Norway but WiMP had over half a million paying subscribers last September before Tidal launched. While Spotify is far more popular with 15 million subscribers that does include many that don't pay for its service.
Jay-Z isn’t the first rapper to step into the music streaming business with Dr Dre already selling Beats to Apple and making himself the first hip-hop billionaire. So it's understandable that Jay-Z would want to grow his business in this area. Although he'll have his work cut out for him with Spotify already in many speaker systems including cars thanks to extensive deals.
The high quality audio offered by Tidal may give Jay-Z that something extra that customers will appreciate over the limits of Spotify. That's all presuming his bid is enough to secure the company.