Jay Z always tries to stay ahead of the curve in the music industry and now the legendary rapper has made another power move.
The Roc Nation founder recently placed a $56 million bid on Swedish music streaming company Aspiro, and according to NY Times Hov’s offer “has already received preliminary acceptance by Aspiro’s board.”
In addition to Aspiro, the acquisition will also include niche music services WiMP and Tidal, who both stream their content in high-fidelity audio, unlike current industry leaders Spotify and Rdio.
During the release of his Magna Carta Holy Grail album, the New York MC shared exclusive content via Samsung’s app to over one million people, so he’s certainly no stranger to the concept of monetizing album streams.
Best of luck to Jay Z in his new endeavor!
Do you think streaming is the future of online music marketing or will you be sticking with traditional purchases for now? Sound off in the comments section.
UPDATE: Done deal! Pitchfork reports that the acquisition is official.