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Business mogul Jay-Z is expanding his empire into the music streaming business.
Though his company Project Panther, the rapper has placed a $56 million bid for for Aspiro, a Swedish company that’s developed two emerging high-quality music streaming apps.
Aspiro’s board has unanimously recommended that shareholders accept the offer. A vote from shareholders is still to come.
In a statement published by The Hollywood Reporter, Jay-Z’s subsidiary, Panther, said the pending acquisition of Aspiro acknowledges the recent shift in the industry:
“Panther believes that the recent developments in the entertainment industry, with the migration to 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.”
Jay-Z’s bid for Aspiro is one more sign of the growing interest in streaming. Last year, Apple bought headphone maker Beats By Dre, which had its own streaming service.
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