Spotify is about to get some serious competition after Jay Z spent $56 million on competitor, Tidal. Not many have heard about Tidal, but we can say for certain that the music platform is decent enough, and with the backing of a huge American rapper, it could become the next big thing.
We should point out that it isn't Jay Z, who is acquiring Tidal, but a company called Project Panther that is in some ways indirectly owned by Carter Enterprises, a Jay Z owned company. Tidal itself is owned by another company called Aspiro, which also owns a service called WiMP.
WiMP is a service with around 500,000 subscribers before the launch of Tidal. Now, that is nothing compared to Spotify and the likes of Beats Music, but the service is climbing the ladder. If everything goes according to plan, the name Tidal could be on everyone's lips in the next 2 years.
