Jay Z is still out to prove he may be the most business-savvy rap star in the game, as he's ready to purchase Spotify competitor, Tidal in an attempt to become a major player in the future of music streaming.
According to Engadget, Mr. Carter is buying the Norwegian company that owns Tidal, placing a 464 million Krona (about $56 million) bid on the streaming service. The company's review board has reviewed Hov's offer and are recommending that its shareholders accept the offer.
Even for Jay Z this is quite the purchase, requiring his S. Carter Enterprises subsidiary, Project Panther, to hand over the fee to Aspiro, the parent company of Tidal, as well as a similar service called WiMP.
Hov is hoping to use his own star power to bring the brand up to the level of notoriety of Spotify and Beats Music. Only time will tell if this will be a hit or miss within the Brooklyn boy's portfolio.