Jay Z offers $56 million to buy streaming company Aspiro

NEW YORK, Jan. 30 (UPI) -- Rapper Jay Z is trying to get in to the streaming business and has extended a $56 million offer to buy Swedish music consumption company Aspiro.

Aspiro offers a subscription service called Tidal in the the U.S. that allows users to stream "HiFi quality audio," magazines and video content. Jay Z -- whose real name is Shawn Corey Carter -- reportedly plans to make the purchase thought one of his side ventures, Project Panther Bidco.

"The recent developments in the entertainment industry, with the migration to media streaming, offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music," said a statement released by Project Panther.

While the deal isn't closed yet, Streaming Media AS -- which owns 76 percent of Aspiro -- has sad it will accept the offer.

Like Neil Young's streaming service Pono, Tidal will offer a higher-quality music sound than most streaming services.

If the deal is comes to fruition Jay Z would add the streaming service to his numerous business ventures, which include record label Roc-A-Fella Records, the entertainment company Roc Nation, the clothing line Rocawear and the sports agency Roc Nation Sports. The rapper is also part owner of the Brooklyn Nets NBA team.

Forbes has estimated Jay Z's net worth last year to be $520 million.