Jay Z Set To Purchase Music Streaming Company "Aspiro"

Jay Z's last album, Magna Carta Holy Grail, premiered via the Jay Z Magna Carta app. exclusively for the first one million Samsung Galaxy owners.

It was an uncanny form of distribution, yet the Hip Hop mogul raked in $5 million, before one record was sold.

Now, Hov has his eyes set on owning his own form of digital music steaming.

Jay has reportedly made a $56 million offer to acquire the Swedish company, Aspiro.

Aspiro has issued a press release stating that Jay's company, Project Panther, initially made the bid in December and that it has already received preliminary acceptance by the company's board.

Panther is slated to obtain both of Aspiro's streaming services Tidal and WiMP, which currently has over 500,000 paying users.

The New York Times has alleged that the deal will likely come equipped with an additional profile for Roc Nation.

Hov will have to compete in a fierce streaming market that already includes digital giants such as Spotify, YouTube, Rhapsody and Beats Music.