Latest in App

Image credit:

Jay Z is buying Spotify rival Tidal for $56 million

148 Shares
Share
Tweet
Share

Sponsored Links

So this is something. The Scandinavian press is buzzing right now with the news that Jay Z is buying the Norwegian company behind the high-quality music streaming service Tidal. The rapper and entrepreneur made a 464 million Krona (roughly $56 million) bid which the company's reviewing board has already reviewed. It's recommending all its shareholders accept the offer.

Okay, so technically, it's actually a few steps removed: "Project Panther," a company indirectly owned by Jay Z's S. Carter Enterprises, has made a bid for Aspiro, a company that runs Tidal, and also a similar service called WiMP. While neither are a household name in the states yet, its WiMP service had over half a million paying subscribers as of last September (before Tidal launched). So it's not quite competing with Spotify or Beats Music, but it's getting there, and you'd imagine, once the deal goes through, that Jay Z will start using his popularity to raise Tidal's profile.

Regardless of the intricacies of the deal, it's clear that Jay Z wants to get into the music streaming business. His contemporary Dr. Dre made some serious money selling Beats to Apple, and the consensus among analysts is that the deal was mainly about buying the company's streaming service, rather than its admittedly lucrative headphones.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
148 Shares
Share
Tweet
Share

Popular on Engadget

‘Harry Potter: Wizards Unite’ gathered location data while users slept

‘Harry Potter: Wizards Unite’ gathered location data while users slept

View
Yahoo is shutting down its Groups website and deleting all content

Yahoo is shutting down its Groups website and deleting all content

View
Google discontinues Clips, the AI-powered camera you forgot about

Google discontinues Clips, the AI-powered camera you forgot about

View
Netflix grows to 158 million subscribers as Disney+ looms

Netflix grows to 158 million subscribers as Disney+ looms

View
Virgin Galactic passengers will wear these Under Armour spacesuits

Virgin Galactic passengers will wear these Under Armour spacesuits

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr