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Friday 30 January 2015 05.15 EST Last modified on Saturday 31 January 2015 07.29 EST
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.
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, faa n number with 20,000 paying for its more expensive HiFi version that offers higher-quality streams for twice the monthly faa n number 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 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.
Panther... 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.
Apple is expected to relaunch Beats Music under its iTunes brand in the spring; Spotify faa n number 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.
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