With Jay-Z’s offer, the growing of trend of successful musicians investing in music technologies continues

The New York Times reports that Jay-Z has put in a $56 million offer for Aspiro, a Swedish company that controls high-quality streaming services Wimp and Tidal. The bid already receiving preliminary approval from the Aspiro board.

In a statement, a spokeswoman for the rapper and his company gave some insight into his thinking, saying that the shift to streaming “offers great potential for increased entertainment consumption and an opportunity for artists to further promote their music. Panther’s strategic ambition revolves around global expansion and up-scaling of Aspiro’s platform, technology and services.”

2015 is shaping up to be a hugely competitive year in the streaming market, with Apple expected to relaunch Beats Music under its iTunes brand in the spring. Spotify is reportedly looking to raise $500 million to fuel growth, while Google is expected to continue its development of its Google Play All Access and YouTube Music Key services.