Tags: jay z | aspiro | purchase | music | distribution

Jay Z's Aspiro Purchase Puts Him in Music Distribution Biz

Image: Jay Z's Aspiro Purchase Puts Him in Music Distribution Biz
(Doug Peters/PA Photos/Landov, file)

By    |   Friday, 30 Jan 2015 11:27 AM

Shawn Carter, aka Jay Z, is buying the Swedish music streaming company Aspiro for $56 million, putting him in a position to challenge other artists like Dr Dre and Neil Young as music distributors.

Carter made a bid for the company through Project Panther which was unanimously recommended by Aspiro's board of directors to its shareholders, reported The Guardian. Aspiro's fledging WiMP has 512,000 paid subscribers and 20,000 more on its more expensive HiFi version Tidal, according to its latest public filing.

Tech Crunch reported that WiMP is currently available in Denmark, Germany, Norway, Poland and Sweden while Tidal, with its HiFi sounds outdistancing competitors like Spotify, Rdio and Deezer, has been available in the United Kingdom and the United States since October 2014.

"The Independent Bid Committee is of the opinion that Panther, indirectly owned by (S. Carter Enterprises) and controlled by Shawn Carter, possesses the proprietary relationships, industry knowledge, as well as economic strength and the necessary commitment in order to realize Aspiro's strategic plan of expanding the Company's business and brand globally," said an Aspiro news release about the deal on Friday.

Shareholders will have until March 11 to accept Jay Z's deal for the company.

"No doubt Jay Z was in part inspired by the success of fellow musicians entering the music industry on the distributor's side," wrote James Vincent, of The Verge. "Neil Young's successful crowdfunding of his $399 high-definition audio player Pono has proved that there is certainly a market for high-end audio, while Apple is reportedly preparing to re-launch Dr Dre's Beats Music streaming service later this year."

"Combing Jay Z's star-power with a holistic pitch for music lovers (one that includes editorial content as well as high-def audio) could unite some of the industry's emerging trends and stand out in a crowded market," Vincent wrote.

Carter, whose marriage to R&B superstar Beyonce Knowles makes them one of the top power couples in the music industry, will add to his business venture that includes the Rocaware clothing range, 9IX fragrances, Roc Nation sports agency, Armand de Brignac Champagne, and a stake in NBA basketball team the Brooklyn Nets, noted The Guardian.

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Shawn Carter, aka Jay Z, is buying the Swedish music streaming company Aspiro for $56 million, putting him in a position to challenge other artists like Dr Dre and Neil Young as music distributors.
jay z, aspiro, purchase, music, distribution
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2015-27-30
Friday, 30 Jan 2015 11:27 AM
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