Jay Z is making a big investment.
Aspiro's subscription service is called WiMP and is "a premium music streaming service with HiFi quality audio and the first and only multimedia service with integrated editorial, magazine and video." The service also provides daily recommendations and assorted playlists.
It sounds like Spotify may have some serious competition, and Taylor Swift won't be the only that does not support it!
While $56 million may seem like a big sum, Forbes estimated that the 45-year-old's net worth last year was a reported $520 million. He was a part-owner of the Brooklyn Nets, is a co-owner of the 40/40 Club chain, and has made a number of financial investments into small ventures.
Check out the video below to see the richest in hip- hop.