Jay Z to take on Apple and Spotufy by buying streaming music services

Star tables bid for Scandinavian firm Aspiro, which hopes a new owner will lift its WiMP and Tidal services 'to a new level'

Jaz Z is set to become the next big digital music mogul, after tabling a $56m bid for Aspiro, the Scandinavian company behind streaming services WiMP and Tidal

The bid made by Project Panther, which is indirectly owned by the rapper's company S. Carter Enterprises, has been unanimously recommended to shareholders by Aspiro's board of directors.

WiMP is a direct rival to Spotify in its native Scandinavia, with a higher-resolution version called WiMP HiFi that was rebranded as Tidal when it launched in the UK and US in October 2014

The deal will pitch Jay Z into direct competition with Beats Music, the streaming service co-founded by Dr Dre, which was bought by Apple as part of a $3bn acquisition of its parent company Beats Electronics in 2014

That deal helped Dre top Forbes' annual Hip Hop Cash Kings list of rap's richest figures for 2014, with estimated pre-tax earnings of $620m, compared to Jay Z's estimated $60m that year.

Aspiro will sit alongside Jay Z's other business ventures, which include the Rocaware clothing range, 9IX fragrances, Roc Nation sports agency, Armand de Brignac Champagne, and a stake in NBA basketball team the Brooklyn Nets

In Aspiro's last public financial statements, it said that WiMP had 512,000 paying subscribers, with 20,000 paying for its more expensive HiFi version, which offers higher-quality streams for twice the monthly cost

According to Aspiro, it began talks with Jay Z's company in December - the same month that Project Panther was incorporated as a company in the UK. Aspiro's board of director's Independent Bid Committee has published a press release welcoming the offer

"The Independent Bid Committee is of the opinion that Panther, indirectly owned by SCE and controlled by Shawn Carter, possesses the proprietary relationships, industry knowledge, as well as economic strength and the necessary commitment in order to realise Aspiro's strategic plan of expanding the Company's business and brand globally"

Scandinavian media group Schibsted, which owns 75% of the shares in Aspiro in a partnership with retailer Platekompaniet and investment firm Verdane Capital, has already accepted the offer

"Aspiro needs substantial expansion capital and a strong and dedicated owner to be able to grow and compete on the global music streaming market," said its chief financial officer Trond Berger

"Panther, which is controlled by S.Carter Enterprises, LLC, has adequate financial resources and a high level of competence in the music industry. Hence, I think they will be a better owner to lift Aspiro and its advanced music streaming service to a new level"

News of the potential acquisition vaults WiMP and Tidal into what's shaping up to be a deep-pocketed battle for dominance in the streaming music world in 2015

Apple is expected to relaunch Beats Music under its iTunes brand in the spring; Spotify is reportedly raising $ 500m of new funding to fuel its growth; and Google will surely turn the throttle up on its twin Google Play All Access and YouTube Music Key services this year too.

will surely turn the throttle up on its twin Google Play All Access

is reportedly raising $500m of new funding to fuel its growth

is expected to relaunch Beats Music under its iTunes brand in the spring

a deep-pocketed battle for dominance

to be a deep-pocketed battle for dominance in the streaming music world in 2015

news of the potential acquisition vaults WiMP and Tidal into what's shaping up

will be a better owner to lift Apiro

a high level of competence in the music industry

has adequate financial resources

is controlled by S.Carter Enterprises

compete on the global music streaming market

dedicated owner to be able to grow

need substantial expansion capital

has already accepted the offer

owns 75% of the shares in Aspiro in a partnership with retailer Platekompaniet

expanding the Company's business

the necessary commitment in order to realise Aspiro's strategic plan of expanding the Company's business and brand globally

possesses the proprierary relationships, industry knowledge, as well as economic strength

indirectly owned by SCE and controlled by Shawn Carter

the independent Bid Committee is of the opinion that Panther

has published a press release welcoming the offer

was inforporated as a company in the UK

for twice the monthly cost

in Aspiro's last public financial statements

a stake in NBA basketball team the Brookly Nets

inlcude the Rocaware clothing range

will sit alongside Jay Z's other business ventures

with estimated pre-tax earnings of $620m

list of rap's richest figures for 2014

was bought by Apple as part of a $3bn acquisition of its parent company Beats Electronics in 2014

co-founded by Dr Dre

the deal will pitch Jay Z into direct competition with Beats Music

with a higher-resolution version called WiMP HiFi that was rebranded as Tidal

is a direct rival to Spotify in its native Scandinavia

has been unanimously recommended to shareholders by Aspiro's board of directors

is indirectly owned by the rapper's company S

the bid made by Project Panther

after tabling a $56m bid for Aspiro

is set to become the next big digital music mogul

will lift its WiMP

bid for

Star tables bid for Scandinavian firm Aspiro