01/30/2015 10:25 am ET Updated Feb 02, 2015

Jay Z Buying Music-Streaming Service WiMP, One Of Spotify's Biggest Rivals

Taylor Hill via Getty Images

According to Business Insider, Jay Z may acquire music-streaming service WiMP for $56 million. Extremely popular in Scandinavian countries, and owner of Tidal, which operates in Norway, WiMP poses one of the largest threats to Spotify.

A statement was released by Jay Z's company, Project Panther Bidco:

Panther believes that the recent developments in the entertainment industry, with the migration to music and media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music. Panther's strategic ambition revolves around global expansion and up-scaling of Aspiro's platform, technology and services.

It remains to be seen whether Jay Z's savviness can put WiMP in the top spot for the rest of Europe and, eventually, the United States. Spotify isn't Jay's only competition, however; he'll also have to battle it out with fellow rapper Dr. Dre, whose streaming service Beats Music was recently acquired by Apple.

For more information, head over to Business Insider.



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