Jay-Z is buying Aspiro AB, the company behind hifi streaming services WiMP and Tidal. Aspiro accepted Jay-Z’s offer because they feel it will give them enough resources to carry out their “strategic plan”.
Apparently that “strategic plan” includes world expansion. Tidal has announced that they’re expanding to 22 new countries this quarter. This will bring Tidal up to 30 countries total.
Tidal will be expanding to Austria, Czech Republic, Cyprus, Denmark, Estonia, France, Greece, Hungary, Italy, Latvia, Lithuania, Malta, Norway, Portugal, Romania, Switzerland, Singapore, Slovakia, Slovenia, Sweden, South Africa, and Turkey.
Aspiro says they had a 75 percent increase in paying hifi subscribers this quarter, which is a good sign since Tidal launched during the quarter. As of December 31st Tidal had 12,000 paying users.
Aspiro’s overall paying subscribers fell from 512,000 to 500,000. They say this is due to a reduced telecom partnership in Scandinavia.
The company’s music division had a 28 percent revenue growth over last year. In 2014 they made SEK 288.6 million ($35 million).
Nina Ulloa covers breaking news, tech, and more. Follow her on Twitter: @nine_u