jayz

Jay Z has been the unlikely pioneer for new business innovations for more than a decade, enriching his ever-growing empire with a clothing line, sports bars & a sports management company, and even unveiling an app as a new platform to market his Magna Carta Holy Grail album.

Now, Shawn “Jay Z” Carter is taking his business, man talents a step further by purchasing a Scandinavian music streaming company called Aspiro. The European streaming site offers services through an app called “WiMP” that is available in Denmark, Norway, Sweden, Poland and Germany. Reuters reports that the Brooklyn Nets owner bought the company just last Friday for some $56 million in cash! Jay Z‘s bidding company Project Panther, Ltd. had been following the streaming site for some time calling the service, “an innovative high-quality company with strong future growth potential.” Norwegian media company Schibsted, which owns about 76% of Aspiro‘s stocks and shares also agreed to the multi-million dollar deal.

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Aspiro’s WiMP was rebranded for the US and UK markets as “Tidal” back in October 2014. Users of the streaming service can select & create their own radio stations while the app will suggest artists, songs, playlists based on the user’s listening history. At this time, it’s unclear whether Jay Z‘s own music will be removed from other music streaming services since this deal puts him in direct competition with streaming giant Spotify, and Dr. Dre who currently owns Beats Music.

Like Dr. Dre and Sean “Diddy” Combs, Jay Z is an old-school leader of hip-hop who knows how to keep up with the ever-changing platforms of information and distribution. No one expected another landmark business venture of this magnitude from Jay Z, but it’s amazing to see the legacies that he and other hip-hop moguls are leaving behind.

“Y’all should be afraid of what I’m gonna do next…”

[Reuters]