Streaming seems to be the future of music distribution, and those looking to make a penny are investing now. Never one to miss an opportunity to get a head start in the business side of music, Jay Z made a $56 million bid for Swedish streaming company, Aspiro, which owns WiMP and Tidal, two systems that specialize in "high fidelity" streaming.
While early reports claimed that Hov may be blocked from purchasing the company, it's now been confirmed that his bid was accepted.
As far as what Jay will do with it, we'll have to wait and see. Hopefully he has plans to lower the price, which currently stands at $19.99/month USD, a good double the price of Spotify. If Neil Young's PONO is any indication, people are not willing to shell out money for lossless music at this time.
With Beats Music set to be pre-installed on all Apple devices, Jay will also be going head to head with Dre's Beats service. The streaming wars should be interesting.
[via]