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Originally posted 2015-02-06 10:07:34.
Jay-Z the music mogul from Brooklyn, NY has already logged successful ventures in clothing, fragrance, and the management arenas. Now he is looking to bring some healthy competition to music streaming giant Spotify. Jay Z, who is estimated to be worth some $520 million, is seeking to buy Asipro via his company Project Panther Bidco.
Aspiro currently operates a pair of streaming services: the ad-free WiMP and the high-definition Tidal. Both of these services have a growing following and subscription base in Europe, most notably, Denmark, German, Norway, Poland, and Sweden. The WIMP Platform logged 580,000 paying users as of June 2014. Tidal, the newest platform, charges users $19.99 a month and gives them access to over 75,000 music videos, and about 25 million tracks.
The music streaming market is a crowded one, with Spotify leading the charge with 10 million paid subscribers. Spotify was created by Sweden native Daniel Ek. The newly implemented Beats platform almost mimics Spotify in both of the mediums charge $10 a month service charge for access to media. Beats was created by Dr. Dre and Jimmy Iodine, and does not have a free service, while Spotify does though it is supported by ads. Apple has recently acquired Beats, and plans to re-launch the platform later this year.
Aspiro will carve its share in the market by differentiating itself from Beats, Spotify, and Rido. Jay-Z will be able to do this because both WiMP and Tidal are available on a range of devices, including Android, iOS, and Windows Phone. This versatility coupled with Jay-Z’s unique position as one of the best rappers in the music industry ever, should further elevate Aspiro’s market position, both domestically and internationally.
Sean Corey Carter, better known as Jay-Z, offered 464 million Swedish crowns ($56 million USD) in cash to Swedish tech company Aspiro. Though the deal is not closed as of yet, But Streaming Media AS, the company that owns 76% of Aspiro, said it will accept the offer. At $56 million, Aspiro is valued at one-and-a-half times what it currently trades at on the Stockholm Stock Exchange.
This seems like a good business venture for Jay-Z. This demonstrates the power of expanding an existing brand, and the importance of intellectual property. It also highlights some of the convenient benefits of the internet. Mr. Carter should be sure his legal team is extremely savvy with the variances of intellectual property abroad. He must also take the necessary precautions to continue to protect his media from cyber hackers, thereby making his community a safe place for his subscribers.
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