The music streaming company Jay Z bought for $56 million last month is now worth $250 million
Jay Z completed his acquisition of Swedish music streaming company Aspiro in March, paying out $56 million. Now, just weeks after his bid was accepted, Aspiro is valued at $250 million, the New York Post reports.
Sprint, and its parent company Softbank, have reportedly invested in Aspiro, and own a minority stake in the company.
Jay Z relaunched Aspiro's main streaming site, Tidal, at a star-studded event in New York. He was joined on stage by a collection of the biggest names in music, including Beyonce, Kanye West, Daft Punk, Jack White and more.
It looks like Jay Z's star power has paid off, as Aspiro is reportedly valued at around $250 million. The New York Post also says that Tidal has gained 100,000 paying subscribers since the New York press conference. It had just 35,000 subscribers before the Jay Z acquisition.
Sprint is partnering with Tidal to bring the streaming services to phones using the network. It sounds like Sprint is going to bundle a Tidal subscription in with the cost of a phone contract, as a Sprint employee said there are "specials" on the way.