Dr. Dre became the first billionaire of hip-hop thanks to Apple’s $3 billion acquisition of Beats Music and its accompanying over-priced headphone brand. Jay Z is pretty much the only big name rapper that hasn’t imitated Dre by slapped his name on headphones. Instead, he’s decided to do the next best thing and buy a high-def music startup.
Jay Z purchased the Scandinavian music streaming company Aspiro today, adding to his array of businesses that include clothing, sports bars, and a sports agency. The takeover cost Jay Z $56 million in an effort to take on the likes of Spotify, Beats Music, and the fiery music titan Neil Young.