Jay Z might give Dr. Dre some competition in the music streaming business as he is set to make a huge acquisition, which is just going to add to his growing empire. According to TechCrunch, Hov is set to purchase Aspiro, a Swedish company that operates two streaming services: WiMp and Tidal.

The 45-year-old music mogul is buying Aspiro for 464 million Swedish crowns, which is equivalent to USD $56 million. WiMp and Tidal, the two streaming services under Aspiro, offer daily track recommendations, curated playlists, interviews with artists and audio available for stream and download.

Hov, who is estimated to be worth a whopping $520 million, is seeking to purchase Aspiro through his company Project Panther Bidco, which said in a statement that they have been following the development of Aspiro for quite some time. This Friday (Jan. 30), Norwegian media company Schibsted, which owns a majority share in Aspiro, accepted the "Tom Ford" MC's offer.

Jay now joins the ranks of high profile musicians who have entered the music industry's distribution side. With Neil Young's hugely successful crowdfunding of his high-definition audio player, Pono, and the relaunch of Dr. Dre's Beats Music service through Apple, Jay seems to be in great company.

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(Photo: UPI/Rich Kane /LANDOV)