Jay Z Performs At O2 Arena In London

It looks as if Jay Z might be joining the likes of Dr. Dre by jumping into the music streaming biz with a $56 million acquisition of Swedish tech company Asipro, who operates a pair of music streaming services: WiMP, an ad-free service, and Tidal, a high-definition service.

Both of these services have their sights set firmly on audiophiles with daily track recommendations, curated playlists, interviews with artits, and audio available to stream and download in the popular high-quality FLAC format. At the moment however WiMP is only available in Denmark, Germany, Norway, Poland, and Sweden. As for Tidal, however, that’s built off the back of WiMP and launched in the US and UK last year.

As of June 2014, WiMP boasted some 580,000 paying users. Speaking of which, for $19.99 a month, Tidal users get access to 25 million tracks and around 75,000 music videos with audio available to not only stream, but download in the 16-bit FLAC format.

JayZ is seeking to buy Asipro via his company Project Panther Bidco. Norwegian media company Schibsted, which owns a majority share in Aspiro, accepted the bid earlier today while Aspiro’s board has “unanimously recommended” that the shareholders accept the offer. On the acquisition, Project Panther called Aspiro “an innovative high-quality company with strong future growth potential.”

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