Jay Z expands his music empire to streaming!

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Just when I thought I wouldn’t have to write about streaming again, here comes Jay Z…

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…who just purchased “Aspiro” for $56 million!!!

Streaming music is such a hot topic these days in the music industry and this week it’s heating up again all thanks to Mr. Z!

Jay is wealthy. That we all know, but now he’s looking to increase his millions by purchasing the Swedish tech company “Aspiro”. He purchased the company for $464 million kroner which comes out to $56 million USD!

Aspiro has their own music services: “WiMP” and “Tidal”. I’ve never heard of WiMP but Tidal was a service I once wrote about! See here: musicrowgirl.com/tidal.

Both services are streaming high-resolution “lossless” music files which is a fancy way of saying that the music is much more high quality!

Tidal’s CEO Andy Chen, has said: “For some reason music is the only format where people accept something worse than before. It’s the 21st century. Technology’s job in our civilization is to make life better.”

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To have Jay Z as your boss would be pretty exhilarating if you were in the music industry and now Andy Chen will answer to him as the head honcho of high quality music streaming services! How cool is that?!

Screen Shot 2015-02-01 at 5.10.34 PM#HappiestBossEver

As many know, the music streaming business is not the easiest way to make money, but it’s growing and the music industry is trying to accommodate for the merge of music and technology.

Spotify is talking about offering premium audio too, but there’s always room for competition!

I know that Jay Z’s purchase was not made in vain because over the next 5-10 years I forsee streaming being a very lucrative business as the technology improves every single year! 😀

Congratulations Jay Z on your new portfolio addition & Iong live premium audio!

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