The last purchase of billionaire Jay-Z, who currently ranks third in the Forbes list of world's richest rappers, has been buying music streaming platform Wimp, Spotify's chief rival in Scandinavian countries.
As reported on Friday in the Business Insider, this strategic movement that seeks to shake the company involved a payment of $56.2 million from the husband of Beyoncé, also owns Project Panther Bidco. Wimp, part of the Swedish group Aspiro has over half a million subscribers in Norway, Sweden, Denmark, Germany and Poland, data that make it one of the most popular online music platforms in Scandinavia with Spotify. The latter, however, is present in 58 countries worldwide.
According to a spokesman Jay-Z agent the aspiration of the investment is to expand and improve their technology and services, according to Project Panther Bidco is changing the way people consume music in Europe and in America. "Panther believes that the recent migration to streaming offers great potential for increased consumption of entertainment and an opportunity for artists to further promote their music."
It's a move that comes at a time when the Swedish Spotify is also looking to raise capital to 500 million dollars. According to the Wall Street Journal, the company has hired Goldman Sachs to help in that process.
If the operation comes to fruition, as well all point sources, Jay-Z would expand their business empire, which includes fields such as clothing or sports, in addition to its investments in entertainment.
