Jay Z shells out $56 million for music streaming company

Jay Z performs at the 2014 Global Citizen Festival to end extreme poverty by 2030 in Central Park on Sept. 27, 2014, in New York.

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Jay Z is expanding his growing empire.

The rapper is shelling out $56 million for a Scandinavian music streaming company, Reuters reports.

The company, called Aspiro, runs the music streaming services WiMP and Tidal. WiMP -- available in countries including Norway and Poland -- describes itself as "a music streaming service focusing on inspiring users to find new music and old favorites."

The 45-year-old hip-hop called Aspiro "an innovative high-quality company with strong future growth potential."

Jay Z's move is yet another step within the growth of music streaming, coinciding with the rise in popularity of services such as Spotify and the subsequent decline in CD purchases and downloads.

Aspiro, acquired by Jay Z's Project Panther Bidco Ltd, is by no means the rapper's only major venture. He also owns a string of 40/40 Clubs, the Rocawear clothing line and sports agency Roc Nation Sports. Jay Z was once a partial owner in the NBA's Brooklyn Nets as well.