Jay Z is now the owner of high fidelity music and video streaming service Tidal, after his $56.2 million bid through his S. Carter Enterprises company was accepted. Tidal has now fully integrated Norwegian music platform WiMP.
Carter’s initial offer made in late January for $2 million less was met with resistance from shareholders.
Tidal reportedly has a library of 25 million tracks (as well as 75,000 music videos) and streams at more than four times the bit speed of its competitors. According to Billboard, Tidal will employ “experienced music journalists and industry experts” to provide customers with a section of editorial content. Jay Z is looking to compete with Spotify and other popular streaming services.